Commission | Registrants; | I.R.S. Employer | ||||||||||||||||||||||||||||||
File Number | Address and Telephone Number | States of Incorporation | Identification Nos. | |||||||||||||||||||||||||||||
1-3525 | AMERICAN ELECTRIC POWER CO INC. | New York | 13-4922640 | |||||||||||||||||||||||||||||
333-221643 | AEP TEXAS INC. | Delaware | 51-0007707 | |||||||||||||||||||||||||||||
333-217143 | AEP TRANSMISSION COMPANY, LLC | Delaware | 46-1125168 | |||||||||||||||||||||||||||||
1-3457 | APPALACHIAN POWER COMPANY | Virginia | 54-0124790 | |||||||||||||||||||||||||||||
1-3570 | INDIANA MICHIGAN POWER COMPANY | Indiana | 35-0410455 | |||||||||||||||||||||||||||||
1-6543 | OHIO POWER COMPANY | Ohio | 31-4271000 | |||||||||||||||||||||||||||||
0-343 | PUBLIC SERVICE COMPANY OF OKLAHOMA | Oklahoma | 73-0410895 | |||||||||||||||||||||||||||||
1-3146 | SOUTHWESTERN ELECTRIC POWER COMPANY | Delaware | 72-0323455 | |||||||||||||||||||||||||||||
1 Riverside Plaza, | Columbus, | Ohio | 43215-2373 | |||||||||||||||||||||||||||||
Telephone | (614) | 716-1000 |
Registrant | Title of each class | Trading Symbol | Name of Each Exchange on Which Registered | |||||||||||||||||
American Electric Power Company Inc. | Common Stock, $6.50 par value | AEP | The NASDAQ Stock Market LLC | |||||||||||||||||
American Electric Power Company Inc. | 6.125% Corporate Units | AEPPZ | The NASDAQ Stock Market LLC |
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. | |||||||||||||||||
Yes | x | No | ☐ |
Indicate by check mark whether the registrants have submitted electronically | |||||||||||||||||
Yes | x | No | ☐ |
Indicate by check mark whether | |||||||||||||||||||||||
Large Accelerated filer | x | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Indicate by check mark whether AEP Texas Inc., AEP Transmission Company, LLC, Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. | |||||||||||||||||||||||
Large Accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | x | ||||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |||||||||||||||||
☐ |
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No | x |
Number of shares of common stock outstanding of the Registrants as of | |||||
July 27, 2023 | |||||
American Electric Power Company, Inc. | 515,176,044 | ||||
($6.50 par value) | |||||
AEP Texas Inc. | 100 | ||||
($0.01 par value) | |||||
AEP Transmission Company, LLC (a) | NA | ||||
Appalachian Power Company | 13,499,500 | ||||
(no par value) | |||||
Indiana Michigan Power Company | 1,400,000 | ||||
(no par value) | |||||
Ohio Power Company | 27,952,473 | ||||
(no par value) | |||||
Public Service Company of Oklahoma | 9,013,000 | ||||
($15 par value) | |||||
Southwestern Electric Power Company | 3,680 | ||||
($18 par value) |
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES | ||||||||||||||
INDEX OF QUARTERLY REPORTS ON FORM 10-Q | ||||||||||||||
Page | ||||||||||||||
Number | ||||||||||||||
Glossary of Terms | ||||||||||||||
Forward-Looking Information | ||||||||||||||
Part I. FINANCIAL INFORMATION | ||||||||||||||
Items 1, 2, 3 and 4 - Financial Statements, Management’s Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures About Market Risk, and Controls and Procedures: | ||||||||||||||
American Electric Power Company, Inc. and Subsidiary Companies: | ||||||||||||||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||
AEP | ||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||
Condensed Financial Statements | ||||||||||||||
Southwestern Electric Power Company Consolidated: | ||||||||||||||
Management’s Narrative Discussion and Analysis of Results of Operations | ||||||||||||||
Condensed Consolidated Financial Statements | ||||||||||||||
Index of Condensed Notes to Condensed Financial Statements of Registrants | ||||||||||||||
Controls and Procedures |
Part II. OTHER INFORMATION | ||||||||||||||
Item 1. | Legal Proceedings | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||||||||
Item 3. | Defaults Upon Senior Securities | |||||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||||
Item 5. | Other Information | |||||||||||||
Item 6. | ||||||||||||||
SIGNATURE | ||||||||||||||
This combined Form 10-Q is separately filed by American Electric Power Company, Inc., AEP Texas Inc., AEP Transmission Company, LLC, Appalachian Power Company, Indiana Michigan Power Company, Ohio Power Company, Public Service Company of Oklahoma and Southwestern Electric Power Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. |
Term | Meaning | |||||||||
AEGCo | AEP Generating Company, an AEP electric utility subsidiary. | |||||||||
AEP | American Electric Power Company, Inc., an investor-owned electric public utility holding company which includes American Electric Power Company, Inc. (Parent) and majority owned consolidated subsidiaries and consolidated affiliates. | |||||||||
AEP Credit | AEP Credit, Inc., a consolidated | |||||||||
AEP Energy | A nonregulated holding company for AEP’s competitive generation, wholesale and retail businesses, and a wholly-owned | |||||||||
AEP Renewables | A division of AEP Energy Supply LLC that develops and/or acquires large scale renewable projects that are backed with long-term contracts with creditworthy counter parties. | |||||||||
AEP System | American Electric Power System, an electric system, owned and operated by AEP subsidiaries. | |||||||||
AEP Texas | AEP Texas Inc., an AEP electric utility subsidiary. | |||||||||
AEP Transmission Holdco | AEP Transmission Holding Company, LLC, a wholly-owned subsidiary of AEP. | |||||||||
AEPEP | AEP | |||||||||
AEPSC | American Electric Power Service Corporation, an AEP service subsidiary providing management and professional services to AEP and its subsidiaries. | |||||||||
AEPTCo | AEP Transmission Company, LLC, a wholly-owned subsidiary of AEP Transmission Holdco, | |||||||||
AEPTCo Parent | AEP Transmission Company, LLC, the | |||||||||
AFUDC | Allowance for Equity Funds Used During Construction. | |||||||||
AOCI | Accumulated Other Comprehensive Income. | |||||||||
APCo | Appalachian Power Company, an AEP electric utility subsidiary. | |||||||||
Appalachian Consumer Rate Relief Funding | Appalachian Consumer Rate Relief Funding LLC, a wholly-owned subsidiary of APCo and a consolidated | |||||||||
Apple Blossom | Apple Blossom Wind Holdings LLC, a consolidated VIE of AEP, and tax equity partnership. | |||||||||
APSC | Arkansas Public Service Commission. | |||||||||
ARO | Asset Retirement Obligations. | |||||||||
ATM | At-the-Market. | |||||||||
Black Oak | Black Oak Getty Wind Holdings LLC, a consolidated VIE of AEP, and tax equity partnership. | |||||||||
CAA | Clean Air Act. | |||||||||
CCR | Coal Combustion Residual. | |||||||||
CO2 | Carbon dioxide and other greenhouse gases. | |||||||||
CO2e | Carbon dioxide equivalent. | |||||||||
Term | Meaning | |||||||
Cook Plant | Donald C. Cook Nuclear Plant, a two-unit, | |||||||
COVID-19 | Coronavirus 2019, a highly infectious respiratory disease. In March 2020, the World Health Organization declared COVID-19 a worldwide pandemic. | |||||||
CSAPR | Cross-State Air Pollution Rule. | |||||||
CWIP | Construction Work in Progress. | |||||||
DCC Fuel | DCC Fuel | |||||||
DHLC | Dolet Hills Lignite Company, LLC, a wholly-owned lignite mining subsidiary of SWEPCo. DHLC is a non-consolidated VIE of SWEPCo. | |||||||
EIS | Energy Insurance Services, Inc., a nonaffiliated captive insurance company and consolidated | |||||||
ELG | Effluent Limitation Guidelines. | |||||||
ENEC | Expanded Net Energy Cost. | |||||||
Energy Supply | AEP Energy Supply LLC, a nonregulated holding company for AEP’s competitive generation, wholesale and retail businesses, and a wholly-owned subsidiary of AEP. | |||||||
Equity Units | AEP’s Equity Units issued in August 2020. | |||||||
ERCOT | Electric Reliability Council of Texas regional transmission organization. |
ESP | Electric Security Plans, a PUCO requirement for electric utilities to adjust their rates by filing with the PUCO. | |||||||
ETT | Electric Transmission Texas, LLC, an equity interest joint venture between | |||||||
Excess ADIT | Excess accumulated deferred income taxes. | |||||||
FAC | Fuel Adjustment Clause. | |||||||
FASB | Financial Accounting Standards Board. | |||||||
Federal EPA | United States Environmental Protection Agency. | |||||||
FERC | Federal Energy Regulatory Commission. | |||||||
FGD | Flue Gas Desulfurization or scrubbers. | |||||||
Federal Implementation Plan. | ||||||||
FTR | Financial Transmission Right, a financial instrument that entitles the holder to receive compensation for certain congestion-related transmission charges that arise when the power grid is congested resulting in differences in locational prices. | |||||||
GAAP | Accounting Principles Generally Accepted in the United States of America. | |||||||
I&M | Indiana Michigan Power Company, an AEP electric utility subsidiary. | |||||||
IRA | On August 16, 2022 President Biden signed into law legislation commonly referred to as the “Inflation Reduction Act” (IRA). | |||||||
IRS | Internal Revenue Service. | |||||||
ITC | Investment Tax Credit. | |||||||
IURC | Indiana Utility Regulatory Commission. | |||||||
KGPCo | Kingsport Power Company, an AEP electric utility subsidiary. | |||||||
KPCo | Kentucky Power Company, an AEP electric utility subsidiary. | |||||||
KPSC | Kentucky Public Service Commission. |
Meaning | ||||||||||
KTCo | AEP Kentucky Transmission Company, Inc., an affiliate of KPCo and a wholly-owned subsidiary of AEP. | |||||||||
KWh | ||||||||||
LPSC | Louisiana Public Service Commission. | |||||||||
Maverick | Maverick, part of the | |||||||||
MISO | ||||||||||
Mitchell Plant | A two unit, 1,560 MW coal-fired power plant located in Moundsville, West Virginia. The plant is jointly owned by KPCo and WPCo. | |||||||||
MMBtu | Million British Thermal Units. | |||||||||
MPSC | Michigan Public Service Commission. | |||||||||
MTM | Mark-to-Market. | |||||||||
MW | Megawatt. | |||||||||
MWh | ||||||||||
Nonutility Money Pool | Centralized funding mechanism AEP uses to meet the short-term cash requirements of certain nonutility subsidiaries. | |||||||||
NOLC | Net Operating Loss Carryforward. | |||||||||
NOx | Nitrogen oxide. | |||||||||
OCC | Corporation Commission of the State of Oklahoma. | |||||||||
OHTCo | AEP Ohio | |||||||||
OPCo | Ohio Power Company, an AEP electric utility subsidiary. | |||||||||
OPEB | Other Postretirement | |||||||||
OTC | ||||||||||
OVEC | Ohio Valley Electric Corporation, which is 43.47% owned by AEP. | |||||||||
Parent | American Electric Power Company, Inc., the equity owner of AEP subsidiaries within the AEP consolidation. | |||||||||
PJM | Pennsylvania – New Jersey – Maryland regional transmission organization. | |||||||||
PM | Particulate Matter. | |||||||||
PPA | Purchase Power and Sale Agreement. | |||||||||
PSA | Purchase and Sale Agreement. | |||||||||
PSO | Public Service Company of Oklahoma, an AEP electric utility subsidiary. | |||||||||
PTC | Production Tax Credit. | |||||||||
PUCO | Public Utilities Commission of Ohio. | |||||||||
PUCT | Public Utility Commission of Texas. |
Registrant Subsidiaries | AEP subsidiaries which are SEC registrants: AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO and SWEPCo. | |||||||
Registrants | SEC registrants: AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO and SWEPCo. |
Term | Meaning | |||||||
Restoration Funding | AEP Texas Restoration Funding LLC, a wholly-owned subsidiary of AEP Texas and a consolidated VIE formed for the purpose of issuing and servicing securitization bonds related to storm restoration in Texas primarily caused by Hurricane Harvey. | |||||||
Risk Management Contracts | Trading and | |||||||
Rockport Plant | A generation plant, jointly owned by AEGCo and I&M, consisting of two 1,310 MW coal-fired generating units near Rockport, Indiana. | |||||||
RPM | Reliability Pricing Model. | |||||||
RTO | Regional Transmission Organization, responsible for moving electricity over large interstate areas. | |||||||
Sabine | Sabine Mining Company, a lignite mining company that is a consolidated | |||||||
Santa Rita East Wind Holdings, LLC, a consolidated VIE whose sole purpose is to own and operate a 302 MW wind generation facility in west Texas in which AEP owns an 85% interest. | ||||||||
SEC | U.S. Securities and Exchange Commission. | |||||||
SNF | Spent Nuclear Fuel. | |||||||
SO2 | Sulfur dioxide. | |||||||
SPP | Southwest Power Pool regional transmission organization. | |||||||
State Transcos | AEPTCo’s seven wholly-owned, | |||||||
Sundance | Sundance, acquired in April 2021 as part of the North Central Wind Energy Facilities, consists of 199 MWs of wind generation in Oklahoma. | |||||||
SWEPCo | Southwestern Electric Power Company, an AEP electric utility subsidiary. | |||||||
Transition Funding | AEP Texas Central Transition Funding | |||||||
Transource Energy | Transource Energy, LLC, a consolidated | |||||||
Turk Plant | John W. Turk, Jr. Plant, a | |||||||
Utility Money Pool | Centralized funding mechanism AEP uses to meet the short-term cash requirements of certain utility subsidiaries. | |||||||
VIE | Variable Interest Entity. | |||||||
Virginia SCC | Virginia State Corporation Commission. | |||||||
WPCo | Wheeling Power Company, an AEP electric utility subsidiary. | |||||||
WVPSC | Public Service Commission of West Virginia. |
The impact of pandemics and any associated disruption of AEP’s business operations due to impacts on economic or market conditions, costs of compliance with potential government regulations, electricity usage, supply chain issues, customers, service providers, vendors and suppliers. | |||||
• | The economic impact of increased global trade tensions including the conflict between Russia and Ukraine, and the adoption or expansion of economic sanctions or trade restrictions. | ||||
• | Inflationary or deflationary interest rate trends. | ||||
Volatility and disruptions in financial markets precipitated by any cause, including failure to make progress on federal budget or debt ceiling matters or instability in the | |||||
The availability and cost of funds to finance working capital and capital needs, particularly (i) if expected sources of capital, such as proceeds from the sale of assets, subsidiaries or tax credits, do not materialize or do not materialize at the level anticipated, and (ii) during periods when the time lag between incurring costs and recovery is long and the costs are material. | |||||
Weather conditions, including storms and drought conditions, and the ability to recover significant storm restoration costs. | |||||
Limitations or restrictions on the amounts and types of insurance available to cover losses that might arise in connection with natural disasters or operations. | |||||
• | The cost of fuel and its transportation, the creditworthiness and performance of fuel suppliers and transporters and the cost of storing and disposing of used fuel, including coal ash and | ||||
The ability to recover fuel and other energy costs through regulated or competitive electric rates. | |||||
The ability to transition from fossil generation and the ability to build or acquire renewable generation, transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms, including favorable tax treatment, cost caps imposed by regulators and other operational commitments to regulatory commissions and customers for renewable generation projects, and to recover | |||||
New legislation, litigation | |||||
• | The risks | ||||
Timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance. | |||||
Resolution of | |||||
The ability to constrain operation and maintenance costs. |
Prices and demand for power generated and sold at wholesale. | |||||
Changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation. | |||||
The ability to recover through rates any remaining unrecovered investment in generation units that may be retired before the end of their previously projected useful lives. | |||||
Volatility and changes in markets for | |||||
The impact of changing expectations and demands of customers, regulators, investors and stakeholders, including heightened emphasis on environmental, social and governance concerns. | |||||
• | Changes in utility regulation and the allocation of costs within | ||||
Changes in the creditworthiness of the counterparties with contractual arrangements, including participants in the energy trading market. | |||||
Actions of rating agencies, including changes in the ratings of debt. | |||||
The impact of volatility in the capital markets on the value of the investments held by the pension, | |||||
Accounting | |||||
Other risks and unforeseen events, including wars and military conflicts, the effects of terrorism (including increased security costs), embargoes, | |||||
• | The ability to attract and retain the requisite work force and key personnel. |
Approved Revenue | Approved | New Rates | |||||||||||||||||||||||||||
Company | Jurisdiction | Requirement Increase | ROE | Effective | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
SWEPCo | Louisiana | $ | 21.0 | (a) | 9.5% | February 2023 |
Commission Staff/ | ||||||||||||||||||||||||||||||||||||||
Filing | Requested Revenue | Requested | Intervenor Range of | |||||||||||||||||||||||||||||||||||
Company | Jurisdiction | Date | Requirement Increase | ROE | Recommended ROE | |||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
PSO | Oklahoma | November 2022 | $ | 173.0 | (a) | 10.4% | 8.6%-9.5% | |||||||||||||||||||||||||||||||
APCo | Virginia | March 2023 | 213.0 | 10.6% | 9.2% | (b) | ||||||||||||||||||||||||||||||||
KPCo | Kentucky | June 2023 | 94.0 | 9.9% | (c) |
Traditional FAC | As of | As of | Increase/ | |||||||||||||||||||||||||||||
Company | Jurisdiction | Recovery Reset | June 30, 2023 | December 31, 2022 | (Decrease) | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
APCo | Virginia (a) | Annually | $ | 333.5 | $ | 407.9 | $ | (74.4) | ||||||||||||||||||||||||
APCo | West Virginia | Annually | 308.5 | 288.5 | 20.0 | |||||||||||||||||||||||||||
I&M | Indiana | Bi-Annually | 5.4 | 38.1 | (32.7) | |||||||||||||||||||||||||||
I&M | Michigan | Annually | 12.1 | 9.0 | 3.1 | |||||||||||||||||||||||||||
PSO | Oklahoma (b) | Annually | 285.1 | 431.5 | (146.4) | |||||||||||||||||||||||||||
SWEPCo | Arkansas | Annually | 36.8 | 65.8 | (29.0) | |||||||||||||||||||||||||||
SWEPCo | Texas (c) | Tri-Annually | 158.7 | 191.4 | (32.7) | |||||||||||||||||||||||||||
KPCo | Kentucky | Monthly | 4.0 | 23.2 | (19.2) | |||||||||||||||||||||||||||
WPCo | West Virginia | Annually | 256.6 | 231.1 | 25.5 | |||||||||||||||||||||||||||
Total | $ | 1,400.7 | $ | 1,686.5 | $ | (285.8) |
Company | Generation Type | Expected Commercial Operation | Owned/PPA | Generating Capacity | ||||||||||||||||||||||
(in MWs) | ||||||||||||||||||||||||||
APCo | Solar | Q3 2023 | Owned | 5 | ||||||||||||||||||||||
APCo | Wind | Q3 2025 | Owned | 204 | ||||||||||||||||||||||
PSO | Solar | Q2 2025 through Q4 2025 | Owned | 443 | ||||||||||||||||||||||
PSO | Wind | Q2 2025 through Q4 2025 | Owned | 553 | ||||||||||||||||||||||
SWEPCo (a) | Solar | Q2 2025 through Q4 2025 | Owned/PPA | 273 | ||||||||||||||||||||||
SWEPCo (a) | Wind | Q4 2024 through Q4 2025 | Owned | 799 | ||||||||||||||||||||||
Total Approved Renewable Projects | 2,277 |
Company | Generation Type | Expected Commercial Operation | Owned/PPA | Generating Capacity | ||||||||||||||||||||||
(in MWs) | ||||||||||||||||||||||||||
APCo | Solar | Q2 2024 through Q1 2026 | PPA | 204 | ||||||||||||||||||||||
APCo | Wind | Q4 2025 | Owned | 143 | ||||||||||||||||||||||
I&M | Solar | Q4 2025 through Q2 2026 | Owned/PPA | 749 | ||||||||||||||||||||||
Total Renewable Projects Pending Regulatory Approval | 1,096 |
Company | Issuance Date | Projected In-Service Dates | Generation Type | Generating Capacity | ||||||||||||||||||||||
(in MWs) | ||||||||||||||||||||||||||
I&M | March 2023 | Year End 2027 | Wind (a) | 800 | ||||||||||||||||||||||
I&M | March 2023 | Year End 2027 | Solar (a)(b) | 850 | ||||||||||||||||||||||
APCo | April 2023 | Year End 2026 | Wind and/or Solar (c)(d) | 800 | ||||||||||||||||||||||
Total Significant RFPs | 2,450 |
Generating | Amounts Pending | ||||||||
Company | Plant Name and Unit | Capacity | Regulatory Approval | ||||||
(in MWs) | (in millions) | ||||||||
APCo | Kanawha River Plant | 400 | $ | 42.3 | |||||
APCo | Clinch River Plant, Unit 3 | 235 | 32.7 | ||||||
APCo (a) | Clinch River Plant, Units 1 and 2 | 470 | 31.8 | ||||||
APCo | Sporn Plant | 600 | 17.2 | ||||||
APCo | Glen Lyn Plant | 335 | 13.4 | ||||||
I&M (b) | Tanners Creek Plant | 995 | 42.6 | ||||||
PSO (c) | Northeastern Plant, Unit 4 | 470 | 82.4 | ||||||
SWEPCo (d) | Welsh Plant, Unit 2 | 528 | 75.9 | ||||||
Total | 4,033 | $ | 338.3 |
Company | Plant Name | Generating Capacity | Net Book Value (a) | Projected Retirement Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in MWs) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AEGCo | Rockport Plant | 1,310 | $ | 302.5 | 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
APCo | Amos Plant | 2,930 | 2,136.5 | 2040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
APCo | Mountaineer Plant | 1,320 | 970.1 | 2040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I&M | Rockport Plant | 1,310 | 570.6 | (b) | 2028 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KPCo | Mitchell Plant | 780 | 568.0 | 2040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo | Flint Creek Plant | 258 | 258.6 | 2038 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
WPCo | Mitchell Plant | 780 | 668.6 | 2040 |
Company | Plant Name and Unit | Generating Capacity | Net Investment (a) | Accelerated Depreciation Regulatory Asset | Projected Retirement Date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in MWs) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo | Welsh Plant, Units 1 and 3 | 1,053 | $ | 384.3 | $ | 105.4 | 2028 | (b)(c) |
Company | Plant | Net Investment (a) | Accelerated Depreciation Regulatory Asset | Actual/Projected Retirement Date | Current Authorized Recovery Period | Annual Depreciation (b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSO | Northeastern Plant, Unit 3 | $ | 120.5 | $ | 154.9 | 2026 | (c) | $ | 14.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo | Pirkey Plant | — | 111.8 | (d) | 2023 | (e) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SWEPCo | Welsh Plant, Units 1 and 3 | 384.3 | 105.4 | 2028 | (f) | (g) | 38.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Vertically Integrated Utilities | $ | 278.1 | $ | 301.2 | $ | 539.1 | $ | 599.4 | |||||||||||||||
Transmission and Distribution Utilities | 176.7 | 164.8 | 302.4 | 317.6 | |||||||||||||||||||
AEP Transmission Holdco | 196.4 | 141.8 | 377.9 | 314.9 | |||||||||||||||||||
Generation & Marketing | (32.3) | 72.6 | (190.0) | 186.8 | |||||||||||||||||||
Corporate and Other | (97.7) | (155.9) | (111.2) | (179.5) | |||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 521.2 | $ | 524.5 | $ | 918.2 | $ | 1,239.2 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenues | $ | 2,674.5 | $ | 1,340.2 | $ | 458.6 | $ | 331.4 | ||||||||||||||||||
Fuel, Purchased Electricity and Other | 875.3 | 279.0 | — | 327.1 | ||||||||||||||||||||||
Gross Margin | 1,799.2 | 1,061.2 | 458.6 | 4.3 | ||||||||||||||||||||||
Other Operation and Maintenance | 819.1 | 439.7 | 33.9 | 56.2 | ||||||||||||||||||||||
Depreciation and Amortization | 457.1 | 183.1 | 98.5 | 8.2 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 126.5 | 159.0 | 69.7 | 1.7 | ||||||||||||||||||||||
Operating Income (Loss) | 396.5 | 279.4 | 256.5 | (61.8) | ||||||||||||||||||||||
Other Income | 7.1 | 0.8 | 3.0 | 11.7 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 9.7 | 8.2 | 23.1 | — | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 31.5 | 14.0 | 1.5 | 6.5 | ||||||||||||||||||||||
Interest Expense | (195.1) | (88.1) | (52.9) | (26.2) | ||||||||||||||||||||||
Income (Loss) Before Income Tax Expense (Benefit) and Equity Earnings (Loss) | 249.7 | 214.3 | 231.2 | (69.8) | ||||||||||||||||||||||
Income Tax Expense (Benefit) | (28.3) | 37.6 | 55.3 | (33.0) | ||||||||||||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiary | 0.4 | — | 21.4 | (1.8) | ||||||||||||||||||||||
Net Income (Loss) | 278.4 | 176.7 | 197.3 | (38.6) | ||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 0.3 | — | 0.9 | (6.3) | ||||||||||||||||||||||
Earnings (Loss) Attributable to AEP Common Shareholders | $ | 278.1 | $ | 176.7 | $ | 196.4 | $ | (32.3) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Vertically Integrated Utilities | $ | 286.3 | $ | 342.3 | $ | 626.6 | $ | 829.3 | |||||||
Transmission and Distribution Utilities | 144.0 | 155.7 | 374.3 | 387.8 | |||||||||||
AEP Transmission Holdco | 75.5 | 69.0 | 275.7 | 207.5 | |||||||||||
Generation & Marketing | 33.7 | (1,369.2 | ) | 246.3 | (1,248.8 | ) | |||||||||
Corporate and Other | 5.2 | 36.4 | (11.0 | ) | 61.7 | ||||||||||
Earnings (Loss) Attributable to AEP Common Shareholders | $ | 544.7 | $ | (765.8 | ) | $ | 1,511.9 | $ | 237.5 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenues | $ | 2,648.5 | $ | 1,301.6 | $ | 378.8 | $ | 659.6 | ||||||||||||||||||
Fuel, Purchased Electricity and Other | 837.8 | 252.7 | — | 519.8 | ||||||||||||||||||||||
Gross Margin | 1,810.7 | 1,048.9 | 378.8 | 139.8 | ||||||||||||||||||||||
Other Operation and Maintenance | 779.9 | 441.1 | 36.2 | (6.0) | ||||||||||||||||||||||
Gain on Sale of Mineral Rights | — | — | — | (116.3) | ||||||||||||||||||||||
Depreciation and Amortization | 504.4 | 187.6 | 87.9 | 22.4 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 128.6 | 163.8 | 70.1 | 3.1 | ||||||||||||||||||||||
Operating Income | 397.8 | 256.4 | 184.6 | 236.6 | ||||||||||||||||||||||
Other Income | 10.7 | 2.0 | 0.3 | 6.8 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 6.3 | 7.0 | 15.3 | — | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 27.4 | 11.9 | 1.2 | 5.2 | ||||||||||||||||||||||
Interest Expense | (157.3) | (82.0) | (40.7) | (9.0) | ||||||||||||||||||||||
Income Before Income Tax Expense (Benefit) and Equity Earnings (Loss) | 284.9 | 195.3 | 160.7 | 239.6 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | (18.0) | 31.3 | 39.4 | (13.5) | ||||||||||||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiary | 0.4 | 0.8 | 21.4 | (187.2) | ||||||||||||||||||||||
Net Income | 303.3 | 164.8 | 142.7 | 65.9 | ||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 2.1 | — | 0.9 | (6.7) | ||||||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 301.2 | $ | 164.8 | $ | 141.8 | $ | 72.6 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenues | $ | 5,532.3 | $ | 2,804.4 | $ | 914.1 | $ | 658.4 | ||||||||||||||||||
Fuel, Purchased Electricity and Other | 1,851.5 | 671.7 | — | 709.4 | ||||||||||||||||||||||
Gross Margin | 3,680.8 | 2,132.7 | 914.1 | (51.0) | ||||||||||||||||||||||
Other Operation and Maintenance | 1,651.3 | 931.6 | 70.6 | 99.2 | ||||||||||||||||||||||
Loss on the Expected Sale of the Competitive Contracted Renewable Portfolio | — | — | — | 112.0 | ||||||||||||||||||||||
Depreciation and Amortization | 930.6 | 369.3 | 196.0 | 26.4 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 258.9 | 337.8 | 146.5 | 4.5 | ||||||||||||||||||||||
Operating Income (Loss) | 840.0 | 494.0 | 501.0 | (293.1) | ||||||||||||||||||||||
Other Income | 14.3 | 1.3 | 4.9 | 20.7 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 15.5 | 17.3 | 39.5 | — | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 63.3 | 28.0 | 3.1 | 13.1 | ||||||||||||||||||||||
Interest Expense | (368.0) | (176.2) | (100.1) | (50.5) | ||||||||||||||||||||||
Income (Loss) Before Income Tax Expense (Benefit) and Equity Earnings | 565.1 | 364.4 | 448.4 | (309.8) | ||||||||||||||||||||||
Income Tax Expense (Benefit) | 25.2 | 62.0 | 107.6 | (111.1) | ||||||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiary | 0.7 | — | 38.9 | 3.7 | ||||||||||||||||||||||
Net Income (Loss) | 540.6 | 302.4 | 379.7 | (195.0) | ||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 1.5 | — | 1.8 | (5.0) | ||||||||||||||||||||||
Earnings (Loss) Attributable to AEP Common Shareholders | $ | 539.1 | $ | 302.4 | $ | 377.9 | $ | (190.0) |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Revenues | $ | 5,335.9 | $ | 2,548.4 | $ | 790.2 | $ | 1,278.9 | ||||||||||||||||||
Fuel, Purchased Electricity and Other | 1,703.9 | 485.3 | — | 967.9 | ||||||||||||||||||||||
Gross Margin | 3,632.0 | 2,063.1 | 790.2 | 311.0 | ||||||||||||||||||||||
Other Operation and Maintenance | 1,549.1 | 869.6 | 67.9 | 26.5 | ||||||||||||||||||||||
Gain on Sale of Mineral Rights | — | — | — | (116.3) | ||||||||||||||||||||||
Depreciation and Amortization | 1,004.4 | 371.2 | 173.2 | 45.7 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 253.8 | 328.2 | 137.4 | 6.2 | ||||||||||||||||||||||
Operating Income | 824.7 | 494.1 | 411.7 | 348.9 | ||||||||||||||||||||||
Other Income | 15.9 | 2.3 | 0.4 | 8.9 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 14.4 | 14.3 | 30.9 | — | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 55.0 | 23.8 | 2.5 | 10.3 | ||||||||||||||||||||||
Interest Expense | (308.3) | (156.8) | (79.8) | (14.0) | ||||||||||||||||||||||
Income Before Income Tax Expense (Benefit) and Equity Earnings (Loss) | 601.7 | 377.7 | 365.7 | 354.1 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | (0.1) | 60.9 | 89.8 | (20.2) | ||||||||||||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiary | 0.7 | 0.8 | 40.5 | (192.4) | ||||||||||||||||||||||
Net Income | 602.5 | 317.6 | 316.4 | 181.9 | ||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 3.1 | — | 1.5 | (4.9) | ||||||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 599.4 | $ | 317.6 | $ | 314.9 | $ | 186.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Vertically Integrated Utilities | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | ||||||||||||||||
Revenues | $ | 2,482.2 | $ | 2,556.3 | $ | 6,893.1 | $ | 6,927.8 | ||||||||
Fuel and Purchased Electricity | 868.6 | 858.3 | 2,368.9 | 2,299.8 | ||||||||||||
Gross Margin | 1,613.6 | 1,698.0 | 4,524.2 | 4,628.0 | ||||||||||||
Other Operation and Maintenance | 659.1 | 673.0 | 2,024.5 | 1,926.9 | ||||||||||||
Asset Impairments and Other Related Charges | — | 10.5 | — | 10.5 | ||||||||||||
Depreciation and Amortization | 288.8 | 277.7 | 845.1 | 815.5 | ||||||||||||
Taxes Other Than Income Taxes | 105.7 | 99.0 | 306.2 | 295.0 | ||||||||||||
Operating Income | 560.0 | 637.8 | 1,348.4 | 1,580.1 | ||||||||||||
Interest and Investment Income | 1.3 | 0.8 | 5.4 | 2.4 | ||||||||||||
Carrying Costs Income | 2.1 | 0.8 | 11.3 | 8.1 | ||||||||||||
Allowance for Equity Funds Used During Construction | 7.5 | 10.0 | 20.0 | 35.4 | ||||||||||||
Interest Expense | (134.9 | ) | (136.7 | ) | (406.5 | ) | (399.9 | ) | ||||||||
Income Before Income Tax Expense and Equity Earnings (Loss) | 436.0 | 512.7 | 978.6 | 1,226.1 | ||||||||||||
Income Tax Expense | 139.1 | 172.0 | 334.9 | 398.4 | ||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiaries | 0.4 | 2.7 | (4.5 | ) | 4.9 | |||||||||||
Net Income | 297.3 | 343.4 | 639.2 | 832.6 | ||||||||||||
Net Income Attributable to Noncontrolling Interests | 11.0 | 1.1 | 12.6 | 3.3 | ||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 286.3 | $ | 342.3 | $ | 626.6 | $ | 829.3 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in millions of KWhs) | ||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||
Residential | 6,332 | 7,039 | 14,431 | 16,264 | ||||||||||||||||||||||
Commercial | 5,723 | 5,911 | 11,095 | 11,429 | ||||||||||||||||||||||
Industrial | 8,660 | 8,906 | 16,955 | 17,068 | ||||||||||||||||||||||
Miscellaneous | 545 | 578 | 1,066 | 1,122 | ||||||||||||||||||||||
Total Retail | 21,260 | 22,434 | 43,547 | 45,883 | ||||||||||||||||||||||
Wholesale (a) | 3,484 | 3,660 | 6,744 | 8,134 | ||||||||||||||||||||||
Total KWhs | 24,744 | 26,094 | 50,291 | 54,017 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in millions of KWhs) | |||||||||||
Retail: | |||||||||||
Residential | 8,488 | 9,575 | 23,226 | 25,373 | |||||||
Commercial | 6,701 | 7,137 | 18,386 | 19,207 | |||||||
Industrial | 8,839 | 8,655 | 25,792 | 25,576 | |||||||
Miscellaneous | 603 | 634 | 1,701 | 1,740 | |||||||
Total Retail | 24,631 | 26,001 | 69,105 | 71,896 | |||||||
Wholesale (a) | 6,837 | 6,765 | 19,262 | 17,253 | |||||||
Total KWhs | 31,468 | 32,766 | 88,367 | 89,149 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in degree days) | ||||||||||||||||||||||||||
Eastern Region | ||||||||||||||||||||||||||
Actual – Heating (a) | 122 | 152 | 1,253 | 1,742 | ||||||||||||||||||||||
Normal – Heating (b) | 139 | 140 | 1,747 | 1,744 | ||||||||||||||||||||||
Actual – Cooling (c) | 214 | 393 | 219 | 395 | ||||||||||||||||||||||
Normal – Cooling (b) | 340 | 333 | 344 | 337 | ||||||||||||||||||||||
Western Region | ||||||||||||||||||||||||||
Actual – Heating (a) | 20 | 15 | 657 | 930 | ||||||||||||||||||||||
Normal – Heating (b) | 35 | 35 | 916 | 906 | ||||||||||||||||||||||
Actual – Cooling (c) | 744 | 885 | 802 | 905 | ||||||||||||||||||||||
Normal – Cooling (b) | 704 | 693 | 732 | 721 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in degree days) | |||||||||||
Eastern Region | |||||||||||
Actual – Heating (a) | — | — | 1,266 | 1,684 | |||||||
Normal – Heating (b) | 4 | 5 | 1,757 | 1,775 | |||||||
Actual – Cooling (c) | 698 | 954 | 1,034 | 1,306 | |||||||
Normal – Cooling (b) | 731 | 726 | 1,060 | 1,058 | |||||||
Western Region | |||||||||||
Actual – Heating (a) | — | — | 539 | 685 | |||||||
Normal – Heating (b) | 1 | 1 | 926 | 927 | |||||||
Actual – Cooling (c) | 1,281 | 1,519 | 2,000 | 2,262 | |||||||
Normal – Cooling (b) | 1,404 | 1,400 | 2,124 | 2,116 |
Vertically Integrated Utilities | ||||||||||||||
Reconciliation of 2022 to 2023 Earnings Attributable to AEP Common Shareholders | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Earnings Attributable to AEP Common Shareholders | $ | 301.2 | $ | 599.4 | ||||||||||
Changes in Gross Margin: | ||||||||||||||
Retail Margins | (20.0) | 16.5 | ||||||||||||
Margins from Off-system Sales | 20.6 | 47.1 | ||||||||||||
Transmission Revenues | (10.6) | (6.1) | ||||||||||||
Other Revenues | (1.5) | (8.7) | ||||||||||||
Total Change in Gross Margin | (11.5) | 48.8 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | (39.2) | (102.2) | ||||||||||||
Depreciation and Amortization | 47.3 | 73.8 | ||||||||||||
Taxes Other Than Income Taxes | 2.1 | (5.1) | ||||||||||||
Other Income | (3.6) | (1.6) | ||||||||||||
Allowance for Equity Funds Used During Construction | 3.4 | 1.1 | ||||||||||||
Non-Service Cost Components of Net Periodic Pension Cost | 4.1 | 8.3 | ||||||||||||
Interest Expense | (37.8) | (59.7) | ||||||||||||
Total Change in Expenses and Other | (23.7) | (85.4) | ||||||||||||
Income Tax Expense | 10.3 | (25.3) | ||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.8 | 1.6 | ||||||||||||
2023 Earnings Attributable to AEP Common Shareholders | $ | 278.1 | $ | 539.1 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Earnings Attributable to AEP Common Shareholders from Vertically Integrated Utilities | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | 342.3 | ||
Changes in Gross Margin: | ||||
Retail Margins | (74.1 | ) | ||
Off-system Sales | (0.8 | ) | ||
Transmission Revenues | (7.6 | ) | ||
Other Revenues | (1.9 | ) | ||
Total Change in Gross Margin | (84.4 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 13.9 | |||
Asset Impairments and Other Related Charges | 10.5 | |||
Depreciation and Amortization | (11.1 | ) | ||
Taxes Other Than Income Taxes | (6.7 | ) | ||
Interest and Investment Income | 0.5 | |||
Carrying Costs Income | 1.3 | |||
Allowance for Equity Funds Used During Construction | (2.5 | ) | ||
Interest Expense | 1.8 | |||
Total Change in Expenses and Other | 7.7 | |||
Income Tax Expense | 32.9 | |||
Equity Earnings (Loss) of Unconsolidated Subsidiary | (2.3 | ) | ||
Net Income Attributable to Noncontrolling Interest | (9.9 | ) | ||
Third Quarter of 2017 | $ | 286.3 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Earnings Attributable to AEP Common Shareholders from Vertically Integrated Utilities | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | 829.3 | ||
Changes in Gross Margin: | ||||
Retail Margins | (123.9 | ) | ||
Off-system Sales | 7.4 | |||
Transmission Revenues | 11.0 | |||
Other Revenues | 1.7 | |||
Total Change in Gross Margin | (103.8 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (97.6 | ) | ||
Asset Impairments and Other Related Charges | 10.5 | |||
Depreciation and Amortization | (29.6 | ) | ||
Taxes Other Than Income Taxes | (11.2 | ) | ||
Interest and Investment Income | 3.0 | |||
Carrying Costs Income | 3.2 | |||
Allowance for Equity Funds Used During Construction | (15.4 | ) | ||
Interest Expense | (6.6 | ) | ||
Total Change in Expenses and Other | (143.7 | ) | ||
Income Tax Expense | 63.5 | |||
Equity Earnings (Loss) of Unconsolidated Subsidiary | (9.4 | ) | ||
Net Income Attributable to Noncontrolling Interest | (9.3 | ) | ||
Nine Months Ended September 30, 2017 | $ | 626.6 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Transmission and Distribution Utilities | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | ||||||||||||||||
Revenues | $ | 1,173.3 | $ | 1,275.6 | $ | 3,313.2 | $ | 3,468.5 | ||||||||
Purchased Electricity | 215.7 | 253.6 | 626.0 | 662.2 | ||||||||||||
Amortization of Generation Deferrals | 58.7 | 66.1 | 172.9 | 173.0 | ||||||||||||
Gross Margin | 898.9 | 955.9 | 2,514.3 | 2,633.3 | ||||||||||||
Other Operation and Maintenance | 303.2 | 358.2 | 882.5 | 1,009.5 | ||||||||||||
Depreciation and Amortization | 182.3 | 181.4 | 502.4 | 505.0 | ||||||||||||
Taxes Other Than Income Taxes | 133.6 | 132.0 | 387.1 | 373.0 | ||||||||||||
Operating Income | 279.8 | 284.3 | 742.3 | 745.8 | ||||||||||||
Interest and Investment Income | 1.2 | 1.5 | 5.6 | 5.5 | ||||||||||||
Carrying Costs Income | 0.5 | 0.9 | 3.0 | 4.0 | ||||||||||||
Allowance for Equity Funds Used During Construction | 0.9 | 2.2 | 6.3 | 10.6 | ||||||||||||
Interest Expense | (61.0 | ) | (63.2 | ) | (182.5 | ) | (196.0 | ) | ||||||||
Income Before Income Tax Expense | 221.4 | 225.7 | 574.7 | 569.9 | ||||||||||||
Income Tax Expense | 77.4 | 70.0 | 200.4 | 182.1 | ||||||||||||
Net Income | 144.0 | 155.7 | 374.3 | 387.8 | ||||||||||||
Net Income Attributable to Noncontrolling Interests | — | — | — | — | ||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 144.0 | $ | 155.7 | $ | 374.3 | $ | 387.8 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in millions of KWhs) | ||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||
Residential | 5,910 | 6,589 | 12,176 | 13,566 | ||||||||||||||||||||||
Commercial | 7,393 | 6,941 | 14,137 | 12,940 | ||||||||||||||||||||||
Industrial | 6,673 | 6,647 | 13,199 | 12,577 | ||||||||||||||||||||||
Miscellaneous | 177 | 197 | 345 | 368 | ||||||||||||||||||||||
Total Retail (a) | 20,153 | 20,374 | 39,857 | 39,451 | ||||||||||||||||||||||
Wholesale (b) | 428 | 565 | 881 | 1,136 | ||||||||||||||||||||||
Total KWhs | 20,581 | 20,939 | 40,738 | 40,587 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in millions of KWhs) | |||||||||||
Retail: | |||||||||||
Residential | 7,511 | 8,325 | 19,361 | 20,575 | |||||||
Commercial | 6,941 | 7,287 | 19,184 | 19,676 | |||||||
Industrial | 5,575 | 5,518 | 16,992 | 16,522 | |||||||
Miscellaneous | 185 | 187 | 516 | 528 | |||||||
Total Retail (a) | 20,212 | 21,317 | 56,053 | 57,301 | |||||||
Wholesale (b) | 585 | 654 | 1,749 | 1,389 | |||||||
Total KWhs | 20,797 | 21,971 | 57,802 | 58,690 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in degree days) | ||||||||||||||||||||||||||
Eastern Region | ||||||||||||||||||||||||||
Actual – Heating (a) | 177 | 206 | 1,521 | 2,070 | ||||||||||||||||||||||
Normal – Heating (b) | 185 | 186 | 2,076 | 2,072 | ||||||||||||||||||||||
Actual – Cooling (c) | 184 | 359 | 184 | 360 | ||||||||||||||||||||||
Normal – Cooling (b) | 305 | 298 | 308 | 301 | ||||||||||||||||||||||
Western Region | ||||||||||||||||||||||||||
Actual – Heating (a) | 2 | — | 143 | 278 | ||||||||||||||||||||||
Normal – Heating (b) | 3 | 3 | 197 | 193 | ||||||||||||||||||||||
Actual – Cooling (d) | 955 | 1,135 | 1,226 | 1,223 | ||||||||||||||||||||||
Normal – Cooling (b) | 940 | 925 | 1,067 | 1,051 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in degree days) | |||||||||||
Eastern Region | |||||||||||
Actual – Heating (a) | — | — | 1,500 | 1,929 | |||||||
Normal – Heating (b) | 6 | 7 | 2,091 | 2,110 | |||||||
Actual – Cooling (c) | 642 | 900 | 957 | 1,209 | |||||||
Normal – Cooling (b) | 670 | 664 | 960 | 956 | |||||||
Western Region | |||||||||||
Actual – Heating (a) | — | — | 103 | 123 | |||||||
Normal – Heating (b) | — | — | 199 | 198 | |||||||
Actual – Cooling (d) | 1,393 | 1,534 | 2,640 | 2,619 | |||||||
Normal – Cooling (b) | 1,364 | 1,358 | 2,396 | 2,384 |
Transmission and Distribution Utilities | ||||||||||||||
Reconciliation of 2022 to 2023 Earnings Attributable to AEP Common Shareholders | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Earnings Attributable to AEP Common Shareholders | $ | 164.8 | $ | 317.6 | ||||||||||
Changes in Gross Margin: | ||||||||||||||
Retail Margins | (23.2) | (1.2) | ||||||||||||
Margins from Off-system Sales | 17.3 | 41.4 | ||||||||||||
Transmission Revenues | 21.4 | 33.7 | ||||||||||||
Other Revenues | (3.2) | (4.3) | ||||||||||||
Total Change in Gross Margin | 12.3 | 69.6 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | 1.4 | (62.0) | ||||||||||||
Depreciation and Amortization | 4.5 | 1.9 | ||||||||||||
Taxes Other Than Income Taxes | 4.8 | (9.6) | ||||||||||||
Other Income | (1.2) | (1.0) | ||||||||||||
Allowance for Equity Funds Used During Construction | 1.2 | 3.0 | ||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 2.1 | 4.2 | ||||||||||||
Interest Expense | (6.1) | (19.4) | ||||||||||||
Total Change in Expenses and Other | 6.7 | (82.9) | ||||||||||||
Income Tax Expense | (6.3) | (1.1) | ||||||||||||
Equity Earnings of Unconsolidated Subsidiary | (0.8) | (0.8) | ||||||||||||
2023 Earnings Attributable to AEP Common Shareholders | $ | 176.7 | $ | 302.4 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Earnings Attributable to AEP Common Shareholders from Transmission and Distribution Utilities | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | 155.7 | ||
Changes in Gross Margin: | ||||
Retail Margins | (58.7 | ) | ||
Off-system Sales | (11.6 | ) | ||
Transmission Revenues | 7.6 | |||
Other Revenues | 5.7 | |||
Total Change in Gross Margin | (57.0 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 55.0 | |||
Depreciation and Amortization | (0.9 | ) | ||
Taxes Other Than Income Taxes | (1.6 | ) | ||
Interest and Investment Income | (0.3 | ) | ||
Carrying Costs Income | (0.4 | ) | ||
Allowance for Equity Funds Used During Construction | (1.3 | ) | ||
Interest Expense | 2.2 | |||
Total Change in Expenses and Other | 52.7 | |||
Income Tax Expense | (7.4 | ) | ||
Third Quarter of 2017 | $ | 144.0 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Earnings Attributable to AEP Common Shareholders from Transmission and Distribution Utilities | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | 387.8 | ||
Changes in Gross Margin: | ||||
Retail Margins | (123.0 | ) | ||
Off-system Sales | (26.8 | ) | ||
Transmission Revenues | 24.2 | |||
Other Revenues | 6.6 | |||
Total Change in Gross Margin | (119.0 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 127.0 | |||
Depreciation and Amortization | 2.6 | |||
Taxes Other Than Income Taxes | (14.1 | ) | ||
Interest and Investment Income | 0.1 | |||
Carrying Costs Income | (1.0 | ) | ||
Allowance for Equity Funds Used During Construction | (4.3 | ) | ||
Interest Expense | 13.5 | |||
Total Change in Expenses and Other | 123.8 | |||
Income Tax Expense | (18.3 | ) | ||
Nine Months Ended September 30, 2017 | $ | 374.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
AEP Transmission Holdco | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | ||||||||||||||||
Transmission Revenues | $ | 178.5 | $ | 132.4 | $ | 581.9 | $ | 382.7 | ||||||||
Other Operation and Maintenance | 23.1 | 12.2 | 54.5 | 32.7 | ||||||||||||
Depreciation and Amortization | 26.1 | 17.1 | 74.7 | 48.4 | ||||||||||||
Taxes Other Than Income Taxes | 28.6 | 22.7 | 85.0 | 65.7 | ||||||||||||
Operating Income | 100.7 | 80.4 | 367.7 | 235.9 | ||||||||||||
Interest and Investment Income | 0.1 | — | 0.5 | — | ||||||||||||
Carrying Costs Expense | — | — | (0.1 | ) | (0.2 | ) | ||||||||||
Allowance for Equity Funds Used During Construction | 11.6 | 13.5 | 35.9 | 39.8 | ||||||||||||
Interest Expense | (17.9 | ) | (12.2 | ) | (52.3 | ) | (35.4 | ) | ||||||||
Income Before Income Tax Expense and Equity Earnings | 94.5 | 81.7 | 351.7 | 240.1 | ||||||||||||
Income Tax Expense | 38.6 | 35.2 | 142.1 | 103.2 | ||||||||||||
Equity Earnings of Unconsolidated Subsidiaries | 20.6 | 23.0 | 68.7 | 72.6 | ||||||||||||
Net Income | 76.5 | 69.5 | 278.3 | 209.5 | ||||||||||||
Net Income Attributable to Noncontrolling Interests | 1.0 | 0.5 | 2.6 | 2.0 | ||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 75.5 | $ | 69.0 | $ | 275.7 | $ | 207.5 |
June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Plant in Service | $ | 13,674.6 | $ | 12,234.0 | ||||||||||
Construction Work in Progress | 2,049.0 | 1,794.6 | ||||||||||||
Accumulated Depreciation and Amortization | 1,189.3 | 933.1 | ||||||||||||
Total Transmission Property, Net | $ | 14,534.3 | $ | 13,095.5 |
September 30, | ||||||||
2017 | 2016 | |||||||
(in millions) | ||||||||
Plant in Service | $ | 5,001.4 | $ | 3,330.5 | ||||
CWIP | 1,392.8 | 1,565.8 | ||||||
Accumulated Depreciation | 156.6 | 88.1 | ||||||
Total Transmission Property, Net | $ | 6,237.6 | $ | 4,808.2 |
AEP Transmission Holdco | ||||||||||||||
Reconciliation of 2022 to 2023 Earnings Attributable to AEP Common Shareholders | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Earnings Attributable to AEP Common Shareholders | $ | 141.8 | $ | 314.9 | ||||||||||
Changes in Transmission Revenues: | ||||||||||||||
Transmission Revenues | 79.8 | 123.9 | ||||||||||||
Total Change in Transmission Revenues | 79.8 | 123.9 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | 2.3 | (2.7) | ||||||||||||
Depreciation and Amortization | (10.6) | (22.8) | ||||||||||||
Taxes Other Than Income Taxes | 0.4 | (9.1) | ||||||||||||
Interest and Investment Income | 2.7 | 4.5 | ||||||||||||
Allowance for Equity Funds Used During Construction | 7.8 | 8.6 | ||||||||||||
Non-Service Cost Components of Net Periodic Pension Cost | 0.3 | 0.6 | ||||||||||||
Interest Expense | (12.2) | (20.3) | ||||||||||||
Total Change in Expenses and Other | (9.3) | (41.2) | ||||||||||||
Income Tax Expense | (15.9) | (17.8) | ||||||||||||
Equity Earnings of Unconsolidated Subsidiary | — | (1.6) | ||||||||||||
Net Income Attributable to Noncontrolling Interests | — | (0.3) | ||||||||||||
2023 Earnings Attributable to AEP Common Shareholders | $ | 196.4 | $ | 377.9 |
Third Quarter of 2016 | $ | 69.0 | ||
Changes in Transmission Revenues: | ||||
Transmission Revenues | 46.1 | |||
Total Change in Transmission Revenues | 46.1 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (10.9 | ) | ||
Depreciation and Amortization | (9.0 | ) | ||
Taxes Other Than Income Taxes | (5.9 | ) | ||
Interest and Investment Income | 0.1 | |||
Allowance for Equity Funds Used During Construction | (1.9 | ) | ||
Interest Expense | (5.7 | ) | ||
Total Change in Expenses and Other | (33.3 | ) | ||
Income Tax Expense | (3.4 | ) | ||
Equity Earnings | (2.4 | ) | ||
Net Income Attributable to Noncontrolling Interests | (0.5 | ) | ||
Third Quarter of 2017 | $ | 75.5 |
Nine Months Ended September 30, 2016 | $ | 207.5 | ||
Changes in Transmission Revenues: | ||||
Transmission Revenues | 199.2 | |||
Total Change in Transmission Revenues | 199.2 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (21.8 | ) | ||
Depreciation and Amortization | (26.3 | ) | ||
Taxes Other Than Income Taxes | (19.3 | ) | ||
Interest and Investment Income | 0.5 | |||
Carrying Costs Expense | 0.1 | |||
Allowance for Equity Funds Used During Construction | (3.9 | ) | ||
Interest Expense | (16.9 | ) | ||
Total Change in Expenses and Other | (87.6 | ) | ||
Income Tax Expense | (38.9 | ) | ||
Equity Earnings | (3.9 | ) | ||
Net Income Attributable to Noncontrolling Interests | (0.6 | ) | ||
Nine Months Ended September 30, 2017 | $ | 275.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Generation & Marketing | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | ||||||||||||||||
Revenues | $ | 465.5 | $ | 859.4 | $ | 1,467.5 | $ | 2,291.2 | ||||||||
Fuel, Purchased Electricity and Other | 354.6 | 567.4 | 1,062.7 | 1,490.6 | ||||||||||||
Gross Margin | 110.9 | 292.0 | 404.8 | 800.6 | ||||||||||||
Other Operation and Maintenance | 56.5 | 95.8 | 211.4 | 290.2 | ||||||||||||
Asset Impairments and Other Related Charges | (2.5 | ) | 2,254.4 | 10.6 | 2,254.4 | |||||||||||
Gain on Sale of Merchant Generation Assets | — | — | (226.4 | ) | — | |||||||||||
Depreciation and Amortization | 6.2 | 50.5 | 17.5 | 149.8 | ||||||||||||
Taxes Other Than Income Taxes | 3.2 | 8.7 | 8.9 | 29.0 | ||||||||||||
Operating Income (Loss) | 47.5 | (2,117.4 | ) | 382.8 | (1,922.8 | ) | ||||||||||
Interest and Investment Income | 2.7 | 0.3 | 7.9 | 1.2 | ||||||||||||
Interest Expense | (4.0 | ) | (9.5 | ) | (14.7 | ) | (27.1 | ) | ||||||||
Income (Loss) Before Income Tax Expense | 46.2 | (2,126.6 | ) | 376.0 | (1,948.7 | ) | ||||||||||
Income Tax Expense (Credit) | 12.5 | (757.4 | ) | 129.7 | (699.9 | ) | ||||||||||
Net Income (Loss) | 33.7 | (1,369.2 | ) | 246.3 | (1,248.8 | ) | ||||||||||
Net Income Attributable to Noncontrolling Interests | — | — | — | — | ||||||||||||
Earnings (Loss) Attributable to AEP Common Shareholders | $ | 33.7 | $ | (1,369.2 | ) | $ | 246.3 | $ | (1,248.8 | ) |
Generation & Marketing | ||||||||||||||
Reconciliation of 2022 to 2023 Earnings Attributable to AEP Common Shareholders | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Earnings Attributable to AEP Common Shareholders | $ | 72.6 | $ | 186.8 | ||||||||||
Changes in Gross Margin: | ||||||||||||||
Merchant Generation | (4.6) | (4.5) | ||||||||||||
Renewable Generation | (6.8) | (8.6) | ||||||||||||
Retail, Trading and Marketing | (124.1) | (348.9) | ||||||||||||
Total Change in Gross Margin | (135.5) | (362.0) | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | (62.2) | (72.7) | ||||||||||||
Loss on the Expected Sale of the Competitive Contracted Renewable Portfolio | — | (112.0) | ||||||||||||
Gain on Sale of Mineral Rights | (116.3) | (116.3) | ||||||||||||
Depreciation and Amortization | 14.2 | 19.3 | ||||||||||||
Taxes Other Than Income Taxes | 1.4 | 1.7 | ||||||||||||
Interest and Investment Income | 4.9 | 11.8 | ||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 1.3 | 2.8 | ||||||||||||
Interest Expense | (17.2) | (36.5) | ||||||||||||
Total Change in Expenses and Other | (173.9) | (301.9) | ||||||||||||
Income Tax Benefit | 19.5 | 90.9 | ||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiaries | 185.4 | 196.1 | ||||||||||||
Net Loss Attributable to Noncontrolling Interests | (0.4) | 0.1 | ||||||||||||
2023 Earnings Attributable to AEP Common Shareholders | $ | (32.3) | $ | (190.0) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in millions of MWhs) | |||||||||||
Fuel Type: | |||||||||||
Coal | 2 | 8 | 10 | 19 | |||||||
Natural Gas | — | 4 | 2 | 11 | |||||||
Total MWhs | 2 | 12 | 12 | 30 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Earnings Attributable to AEP Common Shareholders from Generation & Marketing | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | (1,369.2 | ) | |
Changes in Gross Margin: | ||||
Generation | (175.4 | ) | ||
Retail, Trading and Marketing | (10.1 | ) | ||
Other | 4.4 | |||
Total Change in Gross Margin | (181.1 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 39.3 | |||
Asset Impairments and Other Related Charges | 2,256.9 | |||
Depreciation and Amortization | 44.3 | |||
Taxes Other Than Income Taxes | 5.5 | |||
Interest and Investment Income | 2.4 | |||
Interest Expense | 5.5 | |||
Total Change in Expenses and Other | 2,353.9 | |||
Income Tax Expense | (769.9 | ) | ||
Third Quarter of 2017 | $ | 33.7 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Earnings Attributable to AEP Common Shareholders from Generation & Marketing | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | (1,248.8 | ) | |
Changes in Gross Margin: | ||||
Generation | (376.2 | ) | ||
Retail, Trading and Marketing | (33.6 | ) | ||
Other | 14.0 | |||
Total Change in Gross Margin | (395.8 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 78.8 | |||
Asset Impairments and Other Related Charges | 2,243.8 | |||
Gain on Sale of Merchant Generation Assets | 226.4 | |||
Depreciation and Amortization | 132.3 | |||
Taxes Other Than Income Taxes | 20.1 | |||
Interest and Investment Income | 6.7 | |||
Interest Expense | 12.4 | |||
Total Change in Expenses and Other | 2,720.5 | |||
Income Tax Expense | (829.6 | ) | ||
Nine Months Ended September 30, 2017 | $ | 246.3 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||
Long-term Debt, including amounts due within one year | $ | 40,142.3 | 58.9 | % | $ | 36,801.0 | 56.6 | % | |||||||||||||||
Short-term Debt | 3,867.6 | 5.7 | 4,112.2 | 6.3 | |||||||||||||||||||
Total Debt | 44,009.9 | 64.6 | 40,913.2 | 62.9 | |||||||||||||||||||
AEP Common Equity | 23,901.4 | 35.1 | 23,893.4 | 36.7 | |||||||||||||||||||
Noncontrolling Interests | 222.2 | 0.3 | 229.0 | 0.4 | |||||||||||||||||||
Total Debt and Equity Capitalization | $ | 68,133.5 | 100.0 | % | $ | 65,035.6 | 100.0 | % |
September 30, 2017 | December 31, 2016 | ||||||||||||
(dollars in millions) | |||||||||||||
Long-term Debt, including amounts due within one year | $ | 20,721.7 | 51.9 | % | $ | 20,391.2 | (a) | 51.6 | % | ||||
Short-term Debt | 1,059.3 | 2.7 | 1,713.0 | 4.3 | |||||||||
Total Debt | 21,781.0 | 54.6 | 22,104.2 | (a) | 55.9 | ||||||||
AEP Common Equity | 18,069.1 | 45.3 | 17,397.0 | 44.0 | |||||||||
Noncontrolling Interests | 36.4 | 0.1 | 23.1 | 0.1 | |||||||||
Total Debt and Equity Capitalization | $ | 39,886.5 | 100.0 | % | $ | 39,524.3 | 100.0 | % |
Amount | Maturity | ||||||||||||||||
Commercial Paper Backup: | (in millions) | ||||||||||||||||
Revolving Credit Facility | $ | 4,000.0 | March 2027 | ||||||||||||||
Revolving Credit Facility | 1,000.0 | March 2025 | |||||||||||||||
Cash and Cash Equivalents | 304.9 | ||||||||||||||||
Total Liquidity Sources | 5,304.9 | ||||||||||||||||
Less: | AEP Commercial Paper Outstanding | 2,238.7 | |||||||||||||||
Net Available Liquidity | $ | 3,066.2 |
Amount | Maturity | |||||
(in millions) | ||||||
Commercial Paper Backup: | ||||||
Revolving Credit Facility | $ | 3,000.0 | June 2021 | |||
Total | 3,000.0 | |||||
Cash and Cash Equivalents | 343.9 | |||||
Total Liquidity Sources | 3,343.9 | |||||
Less: | AEP Commercial Paper Outstanding | 295.0 | ||||
Net Available Liquidity | $ | 3,048.9 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Cash and Cash Equivalents at Beginning of Period | $ | 210.5 | $ | 176.4 | |||
Net Cash Flows from Continuing Operating Activities | 3,124.2 | 3,421.0 | |||||
Net Cash Flows Used for Continuing Investing Activities | (1,676.6 | ) | (3,428.7 | ) | |||
Net Cash Flows from (Used for) Continuing Financing Activities | (1,314.2 | ) | 46.0 | ||||
Net Cash Flows Used for Discontinued Operations | — | (2.5 | ) | ||||
Net Increase in Cash and Cash Equivalents | 133.4 | 35.8 | |||||
Cash and Cash Equivalents at End of Period | $ | 343.9 | $ | 212.2 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | $ | 556.5 | $ | 451.4 | |||||||
Net Cash Flows from Operating Activities | 1,881.6 | 2,990.7 | |||||||||
Net Cash Flows Used for Investing Activities | (4,265.5) | (4,199.0) | |||||||||
Net Cash Flows from Financing Activities | 2,178.1 | 1,378.1 | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (205.8) | 169.8 | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 350.7 | $ | 621.2 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Net Income | $ | 916.5 | $ | 1,238.9 | |||||||
Non-Cash Adjustments to Net Income (a) | 1,692.6 | 1,694.8 | |||||||||
Mark-to-Market of Risk Management Contracts | (124.7) | 431.4 | |||||||||
Property Taxes | 202.7 | 191.6 | |||||||||
Deferred Fuel Over/Under-Recovery, Net | 342.5 | (599.5) | |||||||||
Change in Other Noncurrent Assets | (375.5) | (49.3) | |||||||||
Change in Other Noncurrent Liabilities | (55.4) | 144.5 | |||||||||
Change in Certain Components of Working Capital | (717.1) | (61.7) | |||||||||
Net Cash Flows from Operating Activities | $ | 1,881.6 | $ | 2,990.7 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Income from Continuing Operations | $ | 1,527.1 | $ | 245.3 | |||
Depreciation and Amortization | 1,485.9 | 1,550.2 | |||||
Deferred Income Taxes | 740.9 | (47.0 | ) | ||||
Asset Impairments and Other Related Charges | 10.6 | 2,264.9 | |||||
Gain on Sale of Merchant Generation Assets | (226.4 | ) | — | ||||
Provision for Refund – Global Settlement, Net | (93.3 | ) | — | ||||
Accrued Taxes, Net | (310.1 | ) | (393.0 | ) | |||
Other | (10.5 | ) | (199.4 | ) | |||
Net Cash Flows from Continuing Operating Activities | $ | 3,124.2 | $ | 3,421.0 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Construction Expenditures | $ | (4,049.7) | $ | (3,138.1) | |||||||
Acquisitions of Nuclear Fuel | (73.9) | (67.7) | |||||||||
Acquisitions of Renewable Energy Facilities | (145.7) | (1,207.3) | |||||||||
Proceeds from Sale of Assets | 1.0 | 208.5 | |||||||||
Other | 2.8 | 5.6 | |||||||||
Net Cash Flows Used for Investing Activities | $ | (4,265.5) | $ | (4,199.0) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Construction Expenditures | $ | (3,778.2 | ) | $ | (3,387.0 | ) | |
Acquisitions of Nuclear Fuel | (73.2 | ) | (127.6 | ) | |||
Proceeds from Sale of Merchant Generation Assets | 2,159.6 | — | |||||
Other | 15.2 | 85.9 | |||||
Net Cash Flows Used for Continuing Investing Activities | $ | (1,676.6 | ) | $ | (3,428.7 | ) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(in millions) | |||||||
Issuance of Common Stock, Net | $ | — | $ | 34.2 | |||
Issuance/Retirement of Debt, Net | (338.2 | ) | 930.3 | ||||
Make Whole Premium on Extinguishment of Long-term Debt | (46.1 | ) | — | ||||
Dividends Paid on Common Stock | (875.0 | ) | (829.8 | ) | |||
Other | (54.9 | ) | (88.7 | ) | |||
Net Cash Flows from (Used for) Continuing Financing Activities | $ | (1,314.2 | ) | $ | 46.0 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(in millions) | |||||||||||
Issuance of Common Stock | $ | 77.6 | $ | 812.7 | |||||||
Issuance/Retirement of Debt, Net | 3,072.5 | 1,572.7 | |||||||||
Dividends Paid on Common Stock | (863.6) | (803.5) | |||||||||
Other | (108.4) | (203.8) | |||||||||
Net Cash Flows from Financing Activities | $ | 2,178.1 | $ | 1,378.1 |
September 30, 2017 | December 31, 2016 | ||||||
(in millions) | |||||||
Rockport Plant, Unit 2 Future Minimum Lease Payments | $ | 812.4 | $ | 886.2 | |||
Railcars Maximum Potential Loss from Lease Agreement | 16.9 | 18.4 |
MTM Risk Management Contract Net Assets (Liabilities) | |||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | Generation & Marketing | Total | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of December 31, 2022 | $ | 134.7 | $ | (40.0) | $ | 360.5 | $ | 455.2 | |||||||||||||||
(Gain)/Loss from Contracts Realized/Settled During the Period and Entered in a Prior Period | (145.5) | 0.5 | (112.4) | (257.4) | |||||||||||||||||||
Fair Value of New Contracts at Inception When Entered During the Period (a) | — | — | 1.5 | 1.5 | |||||||||||||||||||
Changes in Fair Value Due to Market Fluctuations During the Period (b) | 11.7 | — | (198.2) | (186.5) | |||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (c) | 140.6 | (15.4) | — | 125.2 | |||||||||||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of June 30, 2023 | $ | 141.5 | $ | (54.9) | $ | 51.4 | 138.0 | ||||||||||||||||
Commodity Cash Flow Hedge Contracts | 119.0 | ||||||||||||||||||||||
Fair Value Hedge Contracts | (124.7) | ||||||||||||||||||||||
Collateral Deposits | (37.5) | ||||||||||||||||||||||
Total MTM Derivative Contract Net Assets as of June 30, 2023 | $ | 94.8 |
MTM Risk Management Contract Net Assets (Liabilities) | |||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | Generation & Marketing | Total | ||||||||||||
(in millions) | |||||||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of December 31, 2016 | $ | 5.2 | $ | (118.2 | ) | $ | 164.2 | $ | 51.2 | ||||||
(Gain) Loss from Contracts Realized/Settled During the Period and Entered in a Prior Period | (7.0 | ) | 3.4 | (32.8 | ) | (36.4 | ) | ||||||||
Fair Value of New Contracts at Inception When Entered During the Period (a) | — | — | 26.7 | 26.7 | |||||||||||
Changes in Fair Value Due to Market Fluctuations During the Period (b) | — | — | 10.5 | 10.5 | |||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (c) | 64.9 | (23.2 | ) | — | 41.7 | ||||||||||
Total MTM Risk Management Contract Net Assets (Liabilities) as of September 30, 2017 | $ | 63.1 | $ | (138.0 | ) | $ | 168.6 | 93.7 | |||||||
Commodity Cash Flow Hedge Contracts | (75.6 | ) | |||||||||||||
Interest Rate and Foreign Currency Cash Flow Hedge Contracts | 4.2 | ||||||||||||||
Fair Value Hedge Contracts | (1.4 | ) | |||||||||||||
Collateral Deposits | 13.5 | ||||||||||||||
Total MTM Derivative Contract Net Assets as of September 30, 2017 | $ | 34.4 |
Counterparty Credit Quality | Exposure Before Credit Collateral | Credit Collateral | Net Exposure | Number of Counterparties >10% of Net Exposure | Net Exposure of Counterparties >10% | |||||||||||||||||||||||||||
(in millions, except number of counterparties) | ||||||||||||||||||||||||||||||||
Investment Grade | $ | 396.9 | $ | 72.5 | $ | 324.4 | 3 | $ | 142.2 | |||||||||||||||||||||||
Split Rating | 32.7 | — | 32.7 | 1 | 32.7 | |||||||||||||||||||||||||||
No External Ratings: | ||||||||||||||||||||||||||||||||
Internal Investment Grade | 40.4 | — | 40.4 | 3 | 25.1 | |||||||||||||||||||||||||||
Internal Noninvestment Grade | 2.3 | 0.7 | 1.6 | 3 | 1.6 | |||||||||||||||||||||||||||
Total as of June 30, 2023 | $ | 472.3 | $ | 73.2 | $ | 399.1 |
Counterparty Credit Quality | Exposure Before Credit Collateral | Credit Collateral | Net Exposure | Number of Counterparties >10% of Net Exposure | Net Exposure of Counterparties >10% | ||||||||||||||
(in millions, except number of counterparties) | |||||||||||||||||||
Investment Grade | $ | 619.6 | $ | 2.2 | $ | 617.4 | 3 | $ | 352.2 | ||||||||||
Split Rating | 5.6 | — | 5.6 | 2 | 5.6 | ||||||||||||||
Noninvestment Grade | — | — | — | — | — | ||||||||||||||
No External Ratings: | |||||||||||||||||||
Internal Investment Grade | 119.2 | — | 119.2 | 3 | 78.7 | ||||||||||||||
Internal Noninvestment Grade | 75.4 | 11.5 | 63.9 | 3 | 40.5 | ||||||||||||||
Total as of September 30, 2017 | $ | 819.8 | $ | 13.7 | $ | 806.1 |
Six Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
End | High | Average | Low | End | High | Average | Low | |||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
$ | 0.2 | $ | 0.9 | $ | 0.3 | $ | 0.1 | $ | 0.5 | $ | 4.5 | $ | 0.7 | $ | 0.1 |
Nine Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||
End | High | Average | Low | End | High | Average | Low | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
$ | 0.2 | $ | 0.4 | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 1.1 | $ | 0.2 | $ | 0.1 |
Six Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
End | High | Average | Low | End | High | Average | Low | |||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
$ | 25.0 | $ | 32.7 | $ | 15.2 | $ | 6.1 | $ | 17.7 | $ | 76.9 | $ | 24.7 | $ | 6.7 |
Nine Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||
End | High | Average | Low | End | High | Average | Low | |||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||
$ | 0.7 | $ | 6.5 | $ | 0.9 | $ | 0.3 | $ | 5.6 | $ | 8.4 | $ | 1.5 | $ | 0.4 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Vertically Integrated Utilities | $ | 2,629.0 | $ | 2,595.0 | $ | 5,445.3 | $ | 5,241.8 | ||||||||||||||||||
Transmission and Distribution Utilities | 1,330.8 | 1,296.8 | 2,786.1 | 2,539.0 | ||||||||||||||||||||||
Generation & Marketing | 318.2 | 654.4 | 645.1 | 1,263.9 | ||||||||||||||||||||||
Other Revenues | 94.5 | 93.5 | 186.9 | 187.6 | ||||||||||||||||||||||
TOTAL REVENUES | 4,372.5 | 4,639.7 | 9,063.4 | 9,232.3 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 1,424.6 | 1,564.4 | 3,131.0 | 3,065.1 | ||||||||||||||||||||||
Other Operation | 631.2 | 619.8 | 1,311.2 | 1,282.0 | ||||||||||||||||||||||
Maintenance | 340.0 | 326.5 | 657.3 | 611.5 | ||||||||||||||||||||||
Loss on the Expected Sale of the Kentucky Operations | — | 68.8 | — | 68.8 | ||||||||||||||||||||||
Loss on the Expected Sale of the Competitive Contracted Renewable Portfolio | — | — | 112.0 | — | ||||||||||||||||||||||
Gain on Sale of Mineral Rights | — | (116.3) | — | (116.3) | ||||||||||||||||||||||
Depreciation and Amortization | 741.6 | 802.6 | 1,517.1 | 1,595.0 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 360.4 | 369.5 | 755.3 | 733.7 | ||||||||||||||||||||||
TOTAL EXPENSES | 3,497.8 | 3,635.3 | 7,483.9 | 7,239.8 | ||||||||||||||||||||||
OPERATING INCOME | 874.7 | 1,004.4 | 1,579.5 | 1,992.5 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Other Income (Expense) | 14.4 | (12.7) | 29.1 | (10.4) | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 41.0 | 28.6 | 72.3 | 59.6 | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 55.2 | 47.1 | 110.7 | 94.3 | ||||||||||||||||||||||
Interest Expense | (460.0) | (327.6) | (875.7) | (641.0) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS (LOSS) | 525.3 | 739.8 | 915.9 | 1,495.0 | ||||||||||||||||||||||
Income Tax Expense | 28.6 | 54.0 | 39.0 | 106.8 | ||||||||||||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiaries | 19.4 | (165.0) | 39.6 | (149.3) | ||||||||||||||||||||||
NET INCOME | 516.1 | 520.8 | 916.5 | 1,238.9 | ||||||||||||||||||||||
Net Loss Attributable to Noncontrolling Interests | (5.1) | (3.7) | (1.7) | (0.3) | ||||||||||||||||||||||
EARNINGS ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 521.2 | $ | 524.5 | $ | 918.2 | $ | 1,239.2 | ||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING | 514,879,144 | 513,623,431 | 514,529,837 | 509,857,710 | ||||||||||||||||||||||
TOTAL BASIC EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1.01 | $ | 1.02 | $ | 1.78 | $ | 2.43 | ||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING | 516,242,919 | 515,162,210 | 515,922,446 | 511,391,735 | ||||||||||||||||||||||
TOTAL DILUTED EARNINGS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1.01 | $ | 1.02 | $ | 1.78 | $ | 2.42 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUES | ||||||||||||||||
Vertically Integrated Utilities | $ | 2,453.8 | $ | 2,538.3 | $ | 6,819.3 | $ | 6,864.6 | ||||||||
Transmission and Distribution Utilities | 1,149.7 | 1,245.4 | 3,242.7 | 3,398.9 | ||||||||||||
Generation & Marketing | 441.5 | 823.3 | 1,386.8 | 2,192.5 | ||||||||||||
Other Revenues | 59.7 | 45.2 | 165.7 | 134.0 | ||||||||||||
TOTAL REVENUES | 4,104.7 | 4,652.2 | 11,614.5 | 12,590.0 | ||||||||||||
EXPENSES | ||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 707.4 | 880.1 | 1,865.3 | 2,236.1 | ||||||||||||
Purchased Electricity for Resale | 718.1 | 774.0 | 2,156.9 | 2,134.6 | ||||||||||||
Other Operation | 636.1 | 771.1 | 1,842.5 | 2,150.7 | ||||||||||||
Maintenance | 268.0 | 286.3 | 859.4 | 854.4 | ||||||||||||
Asset Impairments and Other Related Charges | (2.5 | ) | 2,264.9 | 10.6 | 2,264.9 | |||||||||||
Gain on Sale of Merchant Generation Assets | — | — | (226.4 | ) | — | |||||||||||
Depreciation and Amortization | 518.5 | 539.3 | 1,485.9 | 1,550.2 | ||||||||||||
Taxes Other Than Income Taxes | 272.6 | 264.4 | 792.0 | 767.9 | ||||||||||||
TOTAL EXPENSES | 3,118.2 | 5,780.1 | 8,786.2 | 11,958.8 | ||||||||||||
OPERATING INCOME (LOSS) | 986.5 | (1,127.9 | ) | 2,828.3 | 631.2 | |||||||||||
Other Income (Expense): | ||||||||||||||||
Interest and Investment Income | 2.4 | 2.0 | 12.7 | 6.5 | ||||||||||||
Carrying Costs Income | 2.6 | 1.7 | 14.2 | 11.9 | ||||||||||||
Allowance for Equity Funds Used During Construction | 20.0 | 25.6 | 62.2 | 86.1 | ||||||||||||
Gain on Sale of Equity Investment | 12.4 | — | 12.4 | — | ||||||||||||
Interest Expense | (223.3 | ) | (225.3 | ) | (668.0 | ) | (667.2 | ) | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE (CREDIT) AND EQUITY EARNINGS | 800.6 | (1,323.9 | ) | 2,261.8 | 68.5 | |||||||||||
Income Tax Expense (Credit) | 264.0 | (534.5 | ) | 797.8 | (134.0 | ) | ||||||||||
Equity Earnings of Unconsolidated Subsidiaries | 20.1 | 25.2 | 63.1 | 42.8 | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS | 556.7 | (764.2 | ) | 1,527.1 | 245.3 | |||||||||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX | — | — | — | (2.5 | ) | |||||||||||
NET INCOME (LOSS) | 556.7 | (764.2 | ) | 1,527.1 | 242.8 | |||||||||||
Net Income Attributable to Noncontrolling Interests | 12.0 | 1.6 | 15.2 | 5.3 | ||||||||||||
EARNINGS (LOSS) ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 544.7 | $ | (765.8 | ) | $ | 1,511.9 | $ | 237.5 | |||||||
WEIGHTED AVERAGE NUMBER OF BASIC AEP COMMON SHARES OUTSTANDING | 491,840,722 | 491,697,809 | 491,781,643 | 491,422,921 | ||||||||||||
BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS FROM CONTINUING OPERATIONS | $ | 1.11 | $ | (1.56 | ) | $ | 3.07 | $ | 0.49 | |||||||
BASIC LOSS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS FROM DISCONTINUED OPERATIONS | — | — | — | (0.01 | ) | |||||||||||
TOTAL BASIC EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1.11 | $ | (1.56 | ) | $ | 3.07 | $ | 0.48 | |||||||
WEIGHTED AVERAGE NUMBER OF DILUTED AEP COMMON SHARES OUTSTANDING | 492,986,307 | 491,813,858 | 492,428,586 | 491,596,861 | ||||||||||||
DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS FROM CONTINUING OPERATIONS | $ | 1.10 | $ | (1.56 | ) | $ | 3.07 | $ | 0.49 | |||||||
DILUTED LOSS PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS FROM DISCONTINUED OPERATIONS | — | — | — | (0.01 | ) | |||||||||||
TOTAL DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 1.10 | $ | (1.56 | ) | $ | 3.07 | $ | 0.48 | |||||||
CASH DIVIDENDS DECLARED PER SHARE | $ | 0.59 | $ | 0.56 | $ | 1.77 | $ | 1.68 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Income | $ | 516.1 | $ | 520.8 | $ | 916.5 | $ | 1,238.9 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $9.3 and $35.2 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(31.2) and $101.1 for the Six Months Ended June 30, 2023 and 2022, Respectively | 34.8 | 132.4 | (117.6) | 380.4 | ||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.8) and $(3.1) for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(5.1) and $(3.7) for the Six Months Ended June 30, 2023 and 2022, Respectively | (3.1) | (11.6) | (19.2) | (13.8) | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $4.4 and $0 for the Six Months Ended June 30, 2023 and 2022, Respectively | — | — | 16.7 | — | ||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 31.7 | 120.8 | (120.1) | 366.6 | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | 547.8 | 641.6 | 796.4 | 1,605.5 | ||||||||||||||||||||||
Total Comprehensive Loss Attributable To Noncontrolling Interests | (5.1) | (3.7) | (1.7) | (0.3) | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 552.9 | $ | 645.3 | $ | 798.1 | $ | 1,605.8 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income (Loss) | $ | 556.7 | $ | (764.2 | ) | $ | 1,527.1 | $ | 242.8 | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||
Cash Flow Hedges, Net of Tax of $(8.1) and $(15.4) for the Three Months Ended September 30, 2017 and 2016, Respectively, and $(12.2) and $(11.2) for the Nine Months Ended September 30, 2017 and 2016, Respectively | (15.0 | ) | (28.6 | ) | (22.6 | ) | (20.8 | ) | ||||||||
Securities Available for Sale, Net of Tax of $0.5 and $0.3 for the Three Months Ended September 30, 2017 and 2016, Respectively, and $1.5 and $1 for the Nine Months Ended September 30, 2017 and 2016, Respectively | 0.9 | 0.5 | 2.7 | 1.7 | ||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0.1 and $0.1 for the Three Months Ended September 30, 2017 and 2016, Respectively, and $0.4 and $0.2 for the Nine Months Ended September 30, 2017 and 2016, Respectively | 0.3 | 0.2 | 0.8 | 0.4 | ||||||||||||
TOTAL OTHER COMPREHENSIVE LOSS | (13.8 | ) | (27.9 | ) | (19.1 | ) | (18.7 | ) | ||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) | 542.9 | (792.1 | ) | 1,508.0 | 224.1 | |||||||||||
Total Comprehensive Income Attributable to Noncontrolling Interests | 12.0 | 1.6 | 15.2 | 5.3 | ||||||||||||
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO AEP COMMON SHAREHOLDERS | $ | 530.9 | $ | (793.7 | ) | $ | 1,492.8 | $ | 218.8 |
AEP Common Shareholders | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Retained Earnings | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2021 | 524.4 | $ | 3,408.7 | $ | 7,172.6 | $ | 11,667.1 | $ | 184.8 | $ | 247.0 | $ | 22,680.2 | ||||||||||||||||||||||||||||
Issuance of Common Stock | 0.4 | 2.4 | 807.1 | 809.5 | |||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (395.2) | (a) | (3.6) | (398.8) | |||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (15.2) | (1.5) | (16.7) | ||||||||||||||||||||||||||||||||||||||
Net Income | 714.7 | 3.4 | 718.1 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 245.8 | 245.8 | |||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2022 | 524.8 | 3,411.1 | 7,964.5 | 11,985.1 | 430.6 | 246.8 | 24,038.1 | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 0.1 | 0.9 | 2.3 | 3.2 | |||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (402.6) | (a) | (2.1) | (404.7) | |||||||||||||||||||||||||||||||||||||
Other Changes in Equity | 17.2 | 1.6 | 18.8 | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 524.5 | (3.7) | 520.8 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 120.8 | 120.8 | |||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – JUNE 30, 2022 | 524.9 | $ | 3,412.0 | $ | 7,984.0 | $ | 12,108.6 | $ | 551.4 | $ | 241.0 | $ | 24,297.0 | ||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2022 | 525.1 | $ | 3,413.1 | $ | 8,051.0 | $ | 12,345.6 | $ | 83.7 | $ | 229.0 | $ | 24,122.4 | ||||||||||||||||||||||||||||
Issuance of Common Stock | 0.8 | 5.1 | 36.0 | 41.1 | |||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (428.8) | (b) | (3.0) | (431.8) | |||||||||||||||||||||||||||||||||||||
Other Changes in Equity | (12.7) | 0.2 | (12.5) | ||||||||||||||||||||||||||||||||||||||
Net Income | 397.0 | 3.4 | 400.4 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (151.8) | (151.8) | |||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2023 | 525.9 | 3,418.2 | 8,074.3 | 12,313.8 | (68.1) | 229.6 | 23,967.8 | ||||||||||||||||||||||||||||||||||
Issuance of Common Stock | 0.5 | 3.3 | 33.2 | 36.5 | |||||||||||||||||||||||||||||||||||||
Common Stock Dividends | (429.5) | (b) | (2.3) | (431.8) | |||||||||||||||||||||||||||||||||||||
Other Changes in Equity | 3.3 | 3.3 | |||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | 521.2 | (5.1) | 516.1 | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | 31.7 | 31.7 | |||||||||||||||||||||||||||||||||||||||
TOTAL EQUITY – JUNE 30, 2023 | 526.4 | $ | 3,421.5 | $ | 8,110.8 | $ | 12,405.5 | $ | (36.4) | $ | 222.2 | $ | 24,123.6 | ||||||||||||||||||||||||||||
AEP Common Shareholders | ||||||||||||||||||||||||||
Common Stock | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Shares | Amount | Paid-in Capital | Retained Earnings | Noncontrolling Interests | Total | |||||||||||||||||||||
TOTAL EQUITY - DECEMBER 31, 2015 | 511.4 | $ | 3,324.0 | $ | 6,296.5 | $ | 8,398.3 | $ | (127.1 | ) | $ | 13.2 | $ | 17,904.9 | ||||||||||||
Issuance of Common Stock | 0.6 | 4.3 | 29.9 | 34.2 | ||||||||||||||||||||||
Common Stock Dividends | (826.4 | ) | (3.4 | ) | (829.8 | ) | ||||||||||||||||||||
Other Changes in Equity | 3.6 | 6.0 | 9.6 | |||||||||||||||||||||||
Net Income | 237.5 | 5.3 | 242.8 | |||||||||||||||||||||||
Other Comprehensive Loss | (18.7 | ) | (18.7 | ) | ||||||||||||||||||||||
TOTAL EQUITY - SEPTEMBER 30, 2016 | 512.0 | $ | 3,328.3 | $ | 6,330.0 | $ | 7,809.4 | $ | (145.8 | ) | $ | 21.1 | $ | 17,343.0 | ||||||||||||
TOTAL EQUITY - DECEMBER 31, 2016 | 512.0 | $ | 3,328.3 | $ | 6,332.6 | $ | 7,892.4 | $ | (156.3 | ) | $ | 23.1 | $ | 17,420.1 | ||||||||||||
Common Stock Dividends | (872.3 | ) | (2.7 | ) | (875.0 | ) | ||||||||||||||||||||
Other Changes in Equity | 51.6 | 0.8 | 52.4 | |||||||||||||||||||||||
Net Income | 1,511.9 | 15.2 | 1,527.1 | |||||||||||||||||||||||
Other Comprehensive Loss | (19.1 | ) | (19.1 | ) | ||||||||||||||||||||||
TOTAL EQUITY - SEPTEMBER 30, 2017 | 512.0 | $ | 3,328.3 | $ | 6,384.2 | $ | 8,532.0 | $ | (175.4 | ) | $ | 36.4 | $ | 18,105.5 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 304.9 | $ | 509.4 | ||||||||||
Restricted Cash (June 30, 2023 and December 31, 2022 Amounts Include $45.8 and $47.1, Respectively, Related to Transition Funding, Restoration Funding and Appalachian Consumer Rate Relief Funding) | 45.8 | 47.1 | ||||||||||||
Other Temporary Investments (June 30, 2023 and December 31, 2022 Amounts Include $190.9 and $182.9, Respectively, Related to EIS and Transource Energy) | 202.5 | 187.6 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 990.8 | 1,145.1 | ||||||||||||
Accrued Unbilled Revenues | 179.2 | 322.9 | ||||||||||||
Pledged Accounts Receivable – AEP Credit | 1,226.6 | 1,207.4 | ||||||||||||
Miscellaneous | 47.9 | 49.7 | ||||||||||||
Allowance for Uncollectible Accounts | (58.6) | (57.1) | ||||||||||||
Total Accounts Receivable | 2,385.9 | 2,668.0 | ||||||||||||
Fuel | 705.9 | 435.1 | ||||||||||||
Materials and Supplies | 975.9 | 915.1 | ||||||||||||
Risk Management Assets | 279.5 | 348.8 | ||||||||||||
Accrued Tax Benefits | 191.8 | 99.4 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 1,256.4 | 1,310.0 | ||||||||||||
Assets Held for Sale | 1,382.8 | — | ||||||||||||
Prepayments and Other Current Assets | 309.9 | 255.0 | ||||||||||||
TOTAL CURRENT ASSETS | 8,041.3 | 6,775.5 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 24,113.5 | 25,834.2 | ||||||||||||
Transmission | 34,145.5 | 33,266.9 | ||||||||||||
Distribution | 28,033.8 | 27,138.8 | ||||||||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 6,187.6 | 5,971.8 | ||||||||||||
Construction Work in Progress | 5,935.4 | 4,809.7 | ||||||||||||
Total Property, Plant and Equipment | 98,415.8 | 97,021.4 | ||||||||||||
Accumulated Depreciation and Amortization | 23,734.4 | 23,682.3 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 74,681.4 | 73,339.1 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 4,672.8 | 4,762.0 | ||||||||||||
Securitized Assets | 394.3 | 446.0 | ||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | 3,648.8 | 3,341.2 | ||||||||||||
Goodwill | 52.5 | 52.5 | ||||||||||||
Long-term Risk Management Assets | 266.8 | 284.1 | ||||||||||||
Operating Lease Assets | 634.1 | 645.5 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 3,610.1 | 3,757.4 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 13,279.4 | 13,288.7 | ||||||||||||
TOTAL ASSETS | $ | 96,002.1 | $ | 93,403.3 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 343.9 | $ | 210.5 | ||||
Other Temporary Investments (September 30, 2017 and December 31, 2016 Amounts Include $300.5 and $322.5, Respectively, Related to Transition Funding, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding, EIS, Transource Energy and Sabine) | 310.7 | 331.7 | ||||||
Accounts Receivable: | ||||||||
Customers | 522.7 | 705.1 | ||||||
Accrued Unbilled Revenues | 187.3 | 158.7 | ||||||
Pledged Accounts Receivable – AEP Credit | 967.6 | 972.7 | ||||||
Miscellaneous | 99.9 | 118.1 | ||||||
Allowance for Uncollectible Accounts | (36.6 | ) | (37.9 | ) | ||||
Total Accounts Receivable | 1,740.9 | 1,916.7 | ||||||
Fuel | 354.2 | 423.8 | ||||||
Materials and Supplies | 562.3 | 543.5 | ||||||
Risk Management Assets | 146.1 | 94.5 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 153.5 | 156.6 | ||||||
Margin Deposits | 105.7 | 79.9 | ||||||
Assets Held for Sale | — | 1,951.2 | ||||||
Prepayments and Other Current Assets | 350.5 | 325.5 | ||||||
TOTAL CURRENT ASSETS | 4,067.8 | 6,033.9 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 20,739.3 | 19,848.9 | ||||||
Transmission | 17,785.4 | 16,658.7 | ||||||
Distribution | 19,589.4 | 18,900.8 | ||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 3,614.1 | 3,444.3 | ||||||
Construction Work in Progress | 3,710.0 | 3,183.9 | ||||||
Total Property, Plant and Equipment | 65,438.2 | 62,036.6 | ||||||
Accumulated Depreciation and Amortization | 17,121.7 | 16,397.3 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 48,316.5 | 45,639.3 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 5,640.0 | 5,625.5 | ||||||
Securitized Assets | 1,287.8 | 1,486.1 | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 2,433.0 | 2,256.2 | ||||||
Goodwill | 52.5 | 52.5 | ||||||
Long-term Risk Management Assets | 310.4 | 289.1 | ||||||
Deferred Charges and Other Noncurrent Assets | 1,856.9 | 2,085.1 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 11,580.6 | 11,794.5 | ||||||
TOTAL ASSETS | $ | 63,964.9 | $ | 63,467.7 |
September 30, | December 31, | ||||||||||||
2017 | 2016 | ||||||||||||
CURRENT LIABILITIES | |||||||||||||
Accounts Payable | $ | 1,537.0 | $ | 1,688.5 | |||||||||
Short-term Debt: | |||||||||||||
Securitized Debt for Receivables – AEP Credit | 750.0 | 673.0 | |||||||||||
Other Short-term Debt | 309.3 | 1,040.0 | |||||||||||
Total Short-term Debt | 1,059.3 | 1,713.0 | |||||||||||
Long-term Debt Due Within One Year (September 30, 2017 and December 31, 2016 Amounts Include $393.7 and $427.5, Respectively, Related to Transition Funding, DCC Fuel, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding and Sabine) | 2,359.3 | 2,878.0 | |||||||||||
Risk Management Liabilities | 69.4 | 53.4 | |||||||||||
Customer Deposits | 346.6 | 343.2 | |||||||||||
Accrued Taxes | 716.5 | 1,048.0 | |||||||||||
Accrued Interest | 260.3 | 227.2 | |||||||||||
Regulatory Liability for Over-Recovered Fuel Costs | 19.7 | 8.0 | |||||||||||
Liabilities Held for Sale | — | 235.9 | |||||||||||
Other Current Liabilities | 953.9 | 1,302.8 | |||||||||||
TOTAL CURRENT LIABILITIES | 7,322.0 | 9,498.0 | |||||||||||
NONCURRENT LIABILITIES | |||||||||||||
Long-term Debt (September 30, 2017 and December 31, 2016 Amounts Include $1421.5 and $1,737.5, Respectively, Related to Transition Funding, DCC Fuel, Ohio Phase-in-Recovery Funding, Appalachian Consumer Rate Relief Funding, Transource Energy, and Sabine) | 18,362.4 | 17,378.4 | |||||||||||
Long-term Risk Management Liabilities | 352.7 | 316.2 | |||||||||||
Deferred Income Taxes | 12,628.2 | 11,884.4 | |||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 3,959.6 | 3,751.3 | |||||||||||
Asset Retirement Obligations | 1,919.3 | 1,830.6 | |||||||||||
Employee Benefits and Pension Obligations | 468.9 | 614.1 | |||||||||||
Deferred Credits and Other Noncurrent Liabilities | 837.0 | 774.6 | |||||||||||
TOTAL NONCURRENT LIABILITIES | 38,528.1 | 36,549.6 | |||||||||||
TOTAL LIABILITIES | 45,850.1 | 46,047.6 | |||||||||||
Rate Matters (Note 4) | |||||||||||||
Commitments and Contingencies (Note 5) | |||||||||||||
MEZZANINE EQUITY | |||||||||||||
Contingently Redeemable Performance Share Awards | 9.3 | — | |||||||||||
EQUITY | |||||||||||||
Common Stock – Par Value – $6.50 Per Share: | |||||||||||||
2017 | 2016 | ||||||||||||
Shares Authorized | 600,000,000 | 600,000,000 | |||||||||||
Shares Issued | 512,048,663 | 512,048,520 | |||||||||||
(20,206,368 and 20,336,592 Shares were Held in Treasury as of September 30, 2017 and December 31, 2016, Respectively) | 3,328.3 | 3,328.3 | |||||||||||
Paid-in Capital | 6,384.2 | 6,332.6 | |||||||||||
Retained Earnings | 8,532.0 | 7,892.4 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | (175.4 | ) | (156.3 | ) | |||||||||
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY | 18,069.1 | 17,397.0 | |||||||||||
Noncontrolling Interests | 36.4 | 23.1 | |||||||||||
TOTAL EQUITY | 18,105.5 | 17,420.1 | |||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY | $ | 63,964.9 | $ | 63,467.7 |
June 30, | December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||||||||
Accounts Payable | $ | 2,433.9 | $ | 2,670.8 | |||||||||||||||||||||||||
Short-term Debt: | |||||||||||||||||||||||||||||
Securitized Debt for Receivables – AEP Credit | 750.0 | 750.0 | |||||||||||||||||||||||||||
Other Short-term Debt | 3,117.6 | 3,362.2 | |||||||||||||||||||||||||||
Total Short-term Debt | 3,867.6 | 4,112.2 | |||||||||||||||||||||||||||
Long-term Debt Due Within One Year (June 30, 2023 and December 31, 2022 Amounts Include $196.2 and $218.2, Respectively, Related to Sabine, DCC Fuel, Transition Funding, Restoration Funding, Appalachian Consumer Rate Relief Funding and Transource Energy) | 3,380.3 | 2,486.4 | |||||||||||||||||||||||||||
Risk Management Liabilities | 176.2 | 145.2 | |||||||||||||||||||||||||||
Customer Deposits | 382.2 | 408.8 | |||||||||||||||||||||||||||
Accrued Taxes | 1,366.5 | 1,714.6 | |||||||||||||||||||||||||||
Accrued Interest | 402.9 | 336.5 | |||||||||||||||||||||||||||
Obligations Under Operating Leases | 116.6 | 113.6 | |||||||||||||||||||||||||||
Liabilities Held for Sale | 64.8 | — | |||||||||||||||||||||||||||
Other Current Liabilities | 1,076.1 | 1,278.2 | |||||||||||||||||||||||||||
TOTAL CURRENT LIABILITIES | 13,267.1 | 13,266.3 | |||||||||||||||||||||||||||
NONCURRENT LIABILITIES | |||||||||||||||||||||||||||||
Long-term Debt (June 30, 2023 and December 31, 2022 Amounts Include $591.3 and $755.3, Respectively, Related to Sabine, DCC Fuel, Transition Funding, Restoration Funding, Appalachian Consumer Rate Relief Funding and Transource Energy) | 36,762.0 | 34,314.6 | |||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 275.3 | 345.2 | |||||||||||||||||||||||||||
Deferred Income Taxes | 9,157.7 | 8,896.9 | |||||||||||||||||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 8,121.1 | 8,115.6 | |||||||||||||||||||||||||||
Asset Retirement Obligations | 2,879.9 | 2,879.3 | |||||||||||||||||||||||||||
Employee Benefits and Pension Obligations | 248.9 | 257.3 | |||||||||||||||||||||||||||
Obligations Under Operating Leases | 533.6 | 552.5 | |||||||||||||||||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 568.2 | 607.3 | |||||||||||||||||||||||||||
TOTAL NONCURRENT LIABILITIES | 58,546.7 | 55,968.7 | |||||||||||||||||||||||||||
TOTAL LIABILITIES | 71,813.8 | 69,235.0 | |||||||||||||||||||||||||||
Rate Matters (Note 4) | |||||||||||||||||||||||||||||
Commitments and Contingencies (Note 5) | |||||||||||||||||||||||||||||
MEZZANINE EQUITY | |||||||||||||||||||||||||||||
Contingently Redeemable Performance Share Awards | 64.7 | 45.9 | |||||||||||||||||||||||||||
TOTAL MEZZANINE EQUITY | 64.7 | 45.9 | |||||||||||||||||||||||||||
EQUITY | |||||||||||||||||||||||||||||
Common Stock – Par Value – $6.50 Per Share: | |||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Shares Authorized | 600,000,000 | 600,000,000 | |||||||||||||||||||||||||||
Shares Issued | 526,387,081 | 525,099,321 | |||||||||||||||||||||||||||
(11,233,240 Shares were Held in Treasury as of June 30, 2023 and December 31, 2022, Respectively) | 3,421.5 | 3,413.1 | |||||||||||||||||||||||||||
Paid-in Capital | 8,110.8 | 8,051.0 | |||||||||||||||||||||||||||
Retained Earnings | 12,405.5 | 12,345.6 | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | (36.4) | 83.7 | |||||||||||||||||||||||||||
TOTAL AEP COMMON SHAREHOLDERS’ EQUITY | 23,901.4 | 23,893.4 | |||||||||||||||||||||||||||
Noncontrolling Interests | 222.2 | 229.0 | |||||||||||||||||||||||||||
TOTAL EQUITY | 24,123.6 | 24,122.4 | |||||||||||||||||||||||||||
TOTAL LIABILITIES, MEZZANINE EQUITY AND TOTAL EQUITY | $ | 96,002.1 | $ | 93,403.3 | |||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 916.5 | $ | 1,238.9 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 1,517.1 | 1,595.0 | ||||||||||||
Deferred Income Taxes | 135.8 | 21.4 | ||||||||||||
Loss on the Expected Sale of the Competitive Contracted Renewable Portfolio | 112.0 | — | ||||||||||||
Loss on the Expected Sale of the Kentucky Operations | — | 68.8 | ||||||||||||
Impairment of Equity Method Investment | — | 185.5 | ||||||||||||
Allowance for Equity Funds Used During Construction | (72.3) | (59.6) | ||||||||||||
Mark-to-Market of Risk Management Contracts | (124.7) | 431.4 | ||||||||||||
Property Taxes | 202.7 | 191.6 | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 342.5 | (599.5) | ||||||||||||
Gain on Sale of Mineral Rights | — | (116.3) | ||||||||||||
Change in Other Noncurrent Assets | (375.5) | (49.3) | ||||||||||||
Change in Other Noncurrent Liabilities | (55.4) | 144.5 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | 277.8 | (445.8) | ||||||||||||
Fuel, Materials and Supplies | (315.1) | (110.5) | ||||||||||||
Accounts Payable | 62.6 | 484.8 | ||||||||||||
Accrued Taxes, Net | (433.7) | (218.2) | ||||||||||||
Other Current Assets | (76.6) | 69.9 | ||||||||||||
Other Current Liabilities | (232.1) | 158.1 | ||||||||||||
Net Cash Flows from Operating Activities | 1,881.6 | 2,990.7 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (4,049.7) | (3,138.1) | ||||||||||||
Purchases of Investment Securities | (1,235.6) | (1,254.8) | ||||||||||||
Sales of Investment Securities | 1,206.3 | 1,244.9 | ||||||||||||
Acquisitions of Nuclear Fuel | (73.9) | (67.7) | ||||||||||||
Acquisitions of Renewable Energy Facilities | (145.7) | (1,207.3) | ||||||||||||
Proceeds from Sales of Assets | 1.0 | 208.5 | ||||||||||||
Other Investing Activities | 32.1 | 15.5 | ||||||||||||
Net Cash Flows Used for Investing Activities | (4,265.5) | (4,199.0) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Issuance of Common Stock | 77.6 | 812.7 | ||||||||||||
Issuance of Long-term Debt | 3,958.8 | 2,639.1 | ||||||||||||
Issuance of Short-term Debt with Original Maturities greater than 90 Days | 597.4 | 271.0 | ||||||||||||
Change in Short-term Debt with Original Maturities less than 90 Days, Net | (688.2) | (268.9) | ||||||||||||
Retirement of Long-term Debt | (641.7) | (582.4) | ||||||||||||
Redemption of Short-term Debt with Original Maturities Greater than 90 Days | (153.8) | (486.1) | ||||||||||||
Principal Payments for Finance Lease Obligations | (40.6) | (106.2) | ||||||||||||
Dividends Paid on Common Stock | (863.6) | (803.5) | ||||||||||||
Other Financing Activities | (67.8) | (97.6) | ||||||||||||
Net Cash Flows from Financing Activities | 2,178.1 | 1,378.1 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (205.8) | 169.8 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 556.5 | 451.4 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 350.7 | $ | 621.2 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 773.5 | $ | 591.2 | ||||||||||
Net Cash Paid for Income Taxes | 9.9 | 95.5 | ||||||||||||
Noncash Acquisitions Under Finance Leases | 25.6 | 13.7 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 966.6 | 849.1 | ||||||||||||
Acquisition of Nuclear Fuel Included in Current Liabilities as of June 30, | (36.0) | — | ||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 1,527.1 | $ | 242.8 | ||||
Loss from Discontinued Operations, Net of Tax | — | (2.5 | ) | |||||
Income from Continuing Operations | 1,527.1 | 245.3 | ||||||
Adjustments to Reconcile Income from Continuing Operations to Net Cash Flows from Continuing Operating Activities: | ||||||||
Depreciation and Amortization | 1,485.9 | 1,550.2 | ||||||
Deferred Income Taxes | 740.9 | (47.0 | ) | |||||
Asset Impairments and Other Related Charges | 10.6 | 2,264.9 | ||||||
Allowance for Equity Funds Used During Construction | (62.2 | ) | (86.1 | ) | ||||
Mark-to-Market of Risk Management Contracts | (56.2 | ) | 56.6 | |||||
Amortization of Nuclear Fuel | 104.8 | 109.7 | ||||||
Pension Contributions to Qualified Plan Trust | (93.3 | ) | (84.8 | ) | ||||
Property Taxes | 291.4 | 288.3 | ||||||
Deferred Fuel Over/Under-Recovery, Net | 81.0 | (28.5 | ) | |||||
Gain on Sale of Merchant Generation Assets | (226.4 | ) | — | |||||
Gain on Sale of Equity Investment | (12.4 | ) | — | |||||
Recovery of Ohio Capacity Costs | 65.6 | 108.8 | ||||||
Provision for Refund – Global Settlement, Net | (93.3 | ) | — | |||||
Change in Other Noncurrent Assets | (345.2 | ) | (243.4 | ) | ||||
Change in Other Noncurrent Liabilities | 205.7 | 41.3 | ||||||
Changes in Certain Components of Continuing Working Capital: | ||||||||
Accounts Receivable, Net | 201.3 | (240.8 | ) | |||||
Fuel, Materials and Supplies | 58.5 | 11.6 | ||||||
Accounts Payable | (91.0 | ) | 47.8 | |||||
Accrued Taxes, Net | (310.1 | ) | (393.0 | ) | ||||
Other Current Assets | (98.2 | ) | 31.5 | |||||
Other Current Liabilities | (260.3 | ) | (211.4 | ) | ||||
Net Cash Flows from Continuing Operating Activities | 3,124.2 | 3,421.0 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (3,778.2 | ) | (3,387.0 | ) | ||||
Change in Other Temporary Investments, Net | 34.5 | 109.2 | ||||||
Purchases of Investment Securities | (1,855.8 | ) | (2,454.5 | ) | ||||
Sales of Investment Securities | 1,808.6 | 2,427.0 | ||||||
Acquisitions of Nuclear Fuel | (73.2 | ) | (127.6 | ) | ||||
Proceeds from Sale of Merchant Generation Assets | 2,159.6 | — | ||||||
Other Investing Activities | 27.9 | 4.2 | ||||||
Net Cash Flows Used for Continuing Investing Activities | (1,676.6 | ) | (3,428.7 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Common Stock | — | 34.2 | ||||||
Issuance of Long-term Debt | 2,742.7 | 1,559.6 | ||||||
Change in Short-term Debt, Net | (653.7 | ) | 678.3 | |||||
Retirement of Long-term Debt | (2,427.2 | ) | (1,307.6 | ) | ||||
Make Whole Premium on Extinguishment of Long-term Debt | (46.1 | ) | — | |||||
Principal Payments for Capital Lease Obligations | (50.5 | ) | (81.9 | ) | ||||
Dividends Paid on Common Stock | (875.0 | ) | (829.8 | ) | ||||
Other Financing Activities | (4.4 | ) | (6.8 | ) | ||||
Net Cash Flows from (Used for) Continuing Financing Activities | (1,314.2 | ) | 46.0 | |||||
Net Cash Flows Used for Discontinued Operating Activities | — | (2.5 | ) | |||||
Net Cash Flows from Discontinued Investing Activities | — | — | ||||||
Net Cash Flows from Discontinued Financing Activities | — | — | ||||||
Net Increase in Cash and Cash Equivalents | 133.4 | 35.8 | ||||||
Cash and Cash Equivalents at Beginning of Period | 210.5 | 176.4 | ||||||
Cash and Cash Equivalents at End of Period | $ | 343.9 | $ | 212.2 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 3,082 | 3,531 | 5,614 | 6,374 | |||||||||||||||||||
Commercial | 3,443 | 3,091 | 6,187 | 5,239 | |||||||||||||||||||
Industrial | 3,171 | 3,023 | 6,279 | 5,450 | |||||||||||||||||||
Miscellaneous | 153 | 173 | 291 | 314 | |||||||||||||||||||
Total Retail | 9,849 | 9,818 | 18,371 | 17,377 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 2 | — | 143 | 278 | |||||||||||||||||||
Normal – Heating (b) | 3 | 3 | 197 | 193 | |||||||||||||||||||
Actual – Cooling (c) | 955 | 1,135 | 1,226 | 1,223 | |||||||||||||||||||
Normal – Cooling (b) | 940 | 925 | 1,067 | 1,051 |
AEP Texas Inc. and Subsidiaries | ||||||||||||||
Reconciliation of 2022 to 2023 Net Income | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Net Income | $ | 90.0 | $ | 159.6 | ||||||||||
Changes in Revenues: | ||||||||||||||
Retail Revenues | (37.1) | (35.5) | ||||||||||||
Transmission Revenues | 20.1 | 32.5 | ||||||||||||
Other Revenues | (0.6) | (1.8) | ||||||||||||
Total Change in Revenues | (17.6) | (4.8) | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | 46.6 | 23.7 | ||||||||||||
Depreciation and Amortization | 1.3 | (0.9) | ||||||||||||
Taxes Other Than Income Taxes | (1.8) | (8.0) | ||||||||||||
Interest Income | (0.7) | (0.4) | ||||||||||||
Allowance for Equity Funds Used During Construction | 1.6 | 3.6 | ||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 0.7 | 1.3 | ||||||||||||
Interest Expense | (4.0) | (15.4) | ||||||||||||
Total Change in Expenses and Other | 43.7 | 3.9 | ||||||||||||
Income Tax Expense | (7.0) | (2.0) | ||||||||||||
2023 Net Income | $ | 109.1 | $ | 156.7 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Transmission and Distribution | $ | 459.4 | $ | 476.9 | $ | 887.1 | $ | 891.6 | ||||||||||||||||||
Sales to AEP Affiliates | 1.3 | 0.8 | 2.5 | 1.7 | ||||||||||||||||||||||
Other Revenues | 0.5 | 1.1 | 1.1 | 2.2 | ||||||||||||||||||||||
TOTAL REVENUES | 461.2 | 478.8 | 890.7 | 895.5 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Other Operation | 93.9 | 142.0 | 240.8 | 267.8 | ||||||||||||||||||||||
Maintenance | 26.3 | 24.8 | 50.7 | 47.4 | ||||||||||||||||||||||
Depreciation and Amortization | 114.9 | 116.2 | 225.9 | 225.0 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 44.8 | 43.0 | 88.3 | 80.3 | ||||||||||||||||||||||
TOTAL EXPENSES | 279.9 | 326.0 | 605.7 | 620.5 | ||||||||||||||||||||||
OPERATING INCOME | 181.3 | 152.8 | 285.0 | 275.0 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income | 0.6 | 1.3 | 1.0 | 1.4 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 5.3 | 3.7 | 11.6 | 8.0 | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 4.8 | 4.1 | 9.6 | 8.3 | ||||||||||||||||||||||
Interest Expense | (56.3) | (52.3) | (113.2) | (97.8) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 135.7 | 109.6 | 194.0 | 194.9 | ||||||||||||||||||||||
Income Tax Expense | 26.6 | 19.6 | 37.3 | 35.3 | ||||||||||||||||||||||
NET INCOME | $ | 109.1 | $ | 90.0 | $ | 156.7 | $ | 159.6 | ||||||||||||||||||
The common stock of AEP Texas is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Income | $ | 109.1 | $ | 90.0 | $ | 156.7 | $ | 159.6 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0.8 and $0 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $0.8 and $0.1 for the Six Months Ended June 30, 2023 and 2022, Respectively | 3.2 | 0.2 | 3.2 | 0.5 | ||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(0.1) and $0 for the Six Months Ended June 30, 2023 and 2022, Respectively | — | — | (0.6) | — | ||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME | 3.2 | 0.2 | 2.6 | 0.5 | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 112.3 | $ | 90.2 | $ | 159.3 | $ | 160.1 | ||||||||||||||||||
Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2021 | $ | 1,553.9 | $ | 2,046.8 | $ | (6.5) | $ | 3,594.2 | ||||||||||||||||||
Net Income | 69.6 | 69.6 | ||||||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2022 | 1,553.9 | 2,116.4 | (6.2) | 3,664.1 | ||||||||||||||||||||||
Capital Contribution from Parent | 1.3 | 1.3 | ||||||||||||||||||||||||
Net Income | 90.0 | 90.0 | ||||||||||||||||||||||||
Other Comprehensive Income | 0.2 | 0.2 | ||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2022 | $ | 1,555.2 | $ | 2,206.4 | $ | (6.0) | $ | 3,755.6 | ||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2022 | $ | 1,558.2 | $ | 2,354.7 | $ | (8.6) | $ | 3,904.3 | ||||||||||||||||||
Capital Contribution from Parent | 100.0 | 100.0 | ||||||||||||||||||||||||
Net Income | 47.6 | 47.6 | ||||||||||||||||||||||||
Other Comprehensive Loss | (0.6) | (0.6) | ||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2023 | 1,658.2 | 2,402.3 | (9.2) | 4,051.3 | ||||||||||||||||||||||
Capital Contribution from Parent | 175.3 | 175.3 | ||||||||||||||||||||||||
Return of Capital to Parent | (4.3) | (4.3) | ||||||||||||||||||||||||
Net Income | 109.1 | 109.1 | ||||||||||||||||||||||||
Other Comprehensive Income | 3.2 | 3.2 | ||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2023 | $ | 1,829.2 | $ | 2,511.4 | $ | (6.0) | $ | 4,334.6 | ||||||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 0.1 | $ | 0.1 | ||||||||||
Restricted Cash (June 30, 2023 and December 31, 2022 Amounts Include $30.7 and $32.7, Respectively, Related to Transition Funding and Restoration Funding) | 30.7 | 32.7 | ||||||||||||
Advances to Affiliates | 6.9 | 6.9 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 173.2 | 150.9 | ||||||||||||
Affiliated Companies | 22.9 | 11.9 | ||||||||||||
Accrued Unbilled Revenues | 91.6 | 91.4 | ||||||||||||
Miscellaneous | 0.5 | 0.2 | ||||||||||||
Allowance for Uncollectible Accounts | (4.9) | (4.2) | ||||||||||||
Total Accounts Receivable | 283.3 | 250.2 | ||||||||||||
Materials and Supplies | 157.3 | 138.8 | ||||||||||||
Prepayments and Other Current Assets | 8.9 | 18.2 | ||||||||||||
TOTAL CURRENT ASSETS | 487.2 | 446.9 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Transmission | 6,487.9 | 6,301.5 | ||||||||||||
Distribution | 5,572.7 | 5,312.8 | ||||||||||||
Other Property, Plant and Equipment | 1,098.3 | 1,022.8 | ||||||||||||
Construction Work in Progress | 984.9 | 805.2 | ||||||||||||
Total Property, Plant and Equipment | 14,143.8 | 13,442.3 | ||||||||||||
Accumulated Depreciation and Amortization | 1,829.1 | 1,760.7 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 12,314.7 | 11,681.6 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 326.5 | 298.3 | ||||||||||||
Securitized Assets (June 30, 2023 and December 31, 2022 Amounts Include $247.8 and $286.4, Respectively, Related to Transition Funding and Restoration Funding) | 247.8 | 286.4 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 238.2 | 179.0 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 812.5 | 763.7 | ||||||||||||
TOTAL ASSETS | $ | 13,614.4 | $ | 12,892.2 | ||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 135.9 | $ | 96.5 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 247.2 | 331.0 | ||||||||||||
Affiliated Companies | 34.3 | 34.7 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (June 30, 2023 and December 31, 2022 Amounts Include $94.7 and $93.5, Respectively, Related to Transition Funding and Restoration Funding) | 154.7 | 278.5 | ||||||||||||
Accrued Taxes | 138.7 | 95.5 | ||||||||||||
Accrued Interest (June 30, 2023 and December 31, 2022 Amounts Include $2.1 and $2.2, Respectively, Related to Transition Funding and Restoration Funding) | 50.5 | 48.3 | ||||||||||||
Obligations Under Operating Leases | 29.8 | 28.6 | ||||||||||||
Other Current Liabilities | 132.6 | 130.7 | ||||||||||||
TOTAL CURRENT LIABILITIES | 923.7 | 1,043.8 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated (June 30, 2023 and December 31, 2022 Amounts Include $177 and $221, Respectively, Related to Transition Funding and Restoration Funding) | 5,782.8 | 5,379.3 | ||||||||||||
Deferred Income Taxes | 1,180.3 | 1,144.2 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,250.6 | 1,259.6 | ||||||||||||
Obligations Under Operating Leases | 59.2 | 67.8 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 83.2 | 93.2 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 8,356.1 | 7,944.1 | ||||||||||||
TOTAL LIABILITIES | 9,279.8 | 8,987.9 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Paid-in Capital | 1,829.2 | 1,558.2 | ||||||||||||
Retained Earnings | 2,511.4 | 2,354.7 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (6.0) | (8.6) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 4,334.6 | 3,904.3 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 13,614.4 | $ | 12,892.2 | ||||||||||
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 156.7 | $ | 159.6 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 225.9 | 225.0 | ||||||||||||
Deferred Income Taxes | 28.5 | 24.6 | ||||||||||||
Allowance for Equity Funds Used During Construction | (11.6) | (8.0) | ||||||||||||
Mark-to-Market of Risk Management Contracts | 0.4 | (0.2) | ||||||||||||
Property Taxes | (60.0) | (54.8) | ||||||||||||
Change in Other Noncurrent Assets | (89.7) | (25.9) | ||||||||||||
Change in Other Noncurrent Liabilities | 7.8 | 32.1 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (33.1) | (70.3) | ||||||||||||
Materials and Supplies | (18.5) | (24.1) | ||||||||||||
Accounts Payable | 1.9 | 17.9 | ||||||||||||
Accrued Taxes, Net | 50.2 | 34.0 | ||||||||||||
Other Current Assets | 2.9 | (0.8) | ||||||||||||
Other Current Liabilities | (34.4) | 31.9 | ||||||||||||
Net Cash Flows from Operating Activities | 227.0 | 341.0 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (834.2) | (647.6) | ||||||||||||
Change in Advances to Affiliates, Net | — | (634.0) | ||||||||||||
Other Investing Activities | 20.2 | 22.3 | ||||||||||||
Net Cash Flows Used for Investing Activities | (814.0) | (1,259.3) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | 275.3 | 1.3 | ||||||||||||
Return of Capital to Parent | (4.3) | — | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 445.9 | 1,188.6 | ||||||||||||
Change in Advances from Affiliates, Net | 39.4 | (26.9) | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (168.2) | (242.0) | ||||||||||||
Principal Payments for Finance Lease Obligations | (3.7) | (3.4) | ||||||||||||
Other Financing Activities | 0.6 | — | ||||||||||||
Net Cash Flows from Financing Activities | 585.0 | 917.6 | ||||||||||||
Net Decrease in Cash, Cash Equivalents and Restricted Cash | (2.0) | (0.7) | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 32.8 | 30.5 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 30.8 | $ | 29.8 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 108.3 | $ | 88.8 | ||||||||||
Net Cash Paid for Income Taxes | 0.7 | 5.9 | ||||||||||||
Noncash Acquisitions Under Finance Leases | 2.6 | 3.0 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 147.2 | 135.9 | ||||||||||||
As of June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
Plant In Service | $ | 13,269.6 | $ | 11,829.5 | ||||||||||
Construction Work in Progress | 1,918.9 | 1,687.6 | ||||||||||||
Accumulated Depreciation and Amortization | 1,150.8 | 901.0 | ||||||||||||
Total Transmission Property, Net | $ | 14,037.7 | $ | 12,616.1 |
As of September 30, | ||||||||
2017 | 2016 | |||||||
(in millions) | ||||||||
Plant In Service | $ | 4,684.4 | $ | 3,260.7 | ||||
CWIP | 1,383.1 | 1,328.6 | ||||||
Accumulated Depreciation | 151.5 | 86.6 | ||||||
Total Transmission Property, Net | $ | 5,916.0 | $ | 4,502.7 |
AEP Transmission Company, LLC and Subsidiaries | ||||||||||||||
Reconciliation of 2022 to 2023 Net Income | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Net Income | $ | 118.5 | $ | 273.9 | ||||||||||
Changes in Transmission Revenues: | ||||||||||||||
Transmission Revenues | 80.5 | 121.7 | ||||||||||||
Total Change in Transmission Revenues | 80.5 | 121.7 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | 2.7 | (2.4) | ||||||||||||
Depreciation and Amortization | (10.7) | (22.8) | ||||||||||||
Taxes Other Than Income Taxes | 0.7 | (8.5) | ||||||||||||
Interest Income | 2.4 | 3.8 | ||||||||||||
Allowance for Equity Funds Used During Construction | 7.8 | 8.6 | ||||||||||||
Interest Expense | (11.4) | (18.9) | ||||||||||||
Total Change in Expenses and Other | (8.5) | (40.2) | ||||||||||||
Income Tax Expense | (14.8) | (17.0) | ||||||||||||
2023 Net Income | $ | 175.7 | $ | 338.4 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Net Income | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | 52.4 | ||
Changes in Transmission Revenues: | ||||
Transmission Revenues | 42.0 | |||
Total Change in Transmission Revenues | 42.0 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (10.4 | ) | ||
Depreciation and Amortization | (8.0 | ) | ||
Taxes Other Than Income Taxes | (4.9 | ) | ||
Interest Income | 0.1 | |||
Allowance for Equity Funds Used During Construction | (1.6 | ) | ||
Interest Expense | (5.9 | ) | ||
Total Change in Expenses and Other | (30.7 | ) | ||
Income Tax Expense | (3.8 | ) | ||
Third Quarter of 2017 | $ | 59.9 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Net Income | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | 153.0 | ||
Changes in Transmission Revenues: | ||||
Transmission Revenues | 191.4 | |||
Total Change in Transmission Revenues | 191.4 | |||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (19.8 | ) | ||
Depreciation and Amortization | (23.4 | ) | ||
Taxes Other Than Income Taxes | (16.6 | ) | ||
Interest Income | 0.3 | |||
Allowance for Equity Funds Used During Construction | (3.7 | ) | ||
Interest Expense | (16.3 | ) | ||
Total Change in Expenses and Other | (79.5 | ) | ||
Income Tax Expense | (40.6 | ) | ||
Nine Months Ended September 30, 2017 | $ | 224.3 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Transmission Revenues | $ | 90.2 | $ | 85.6 | $ | 180.2 | $ | 172.6 | ||||||||||||||||||
Sales to AEP Affiliates | 365.8 | 333.9 | 723.2 | 658.9 | ||||||||||||||||||||||
Provision for Refund – Affiliated | (8.3) | (46.8) | (13.1) | (56.4) | ||||||||||||||||||||||
Provision for Refund – Nonaffiliated | (2.8) | (8.3) | (3.8) | (10.3) | ||||||||||||||||||||||
TOTAL REVENUES | 444.9 | 364.4 | 886.5 | 764.8 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Other Operation | 26.4 | 29.6 | 55.4 | 55.1 | ||||||||||||||||||||||
Maintenance | 4.3 | 3.8 | 9.2 | 7.1 | ||||||||||||||||||||||
Depreciation and Amortization | 96.4 | 85.7 | 191.6 | 168.8 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 68.0 | 68.7 | 142.8 | 134.3 | ||||||||||||||||||||||
TOTAL EXPENSES | 195.1 | 187.8 | 399.0 | 365.3 | ||||||||||||||||||||||
OPERATING INCOME | 249.8 | 176.6 | 487.5 | 399.5 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income - Affiliated | 2.6 | 0.2 | 4.1 | 0.3 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 23.1 | 15.3 | 39.5 | 30.9 | ||||||||||||||||||||||
Interest Expense | (50.7) | (39.3) | (95.9) | (77.0) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 224.8 | 152.8 | 435.2 | 353.7 | ||||||||||||||||||||||
Income Tax Expense | 49.1 | 34.3 | 96.8 | 79.8 | ||||||||||||||||||||||
NET INCOME | $ | 175.7 | $ | 118.5 | $ | 338.4 | $ | 273.9 | ||||||||||||||||||
AEPTCo is wholly-owned by AEP Transmission Holdco. | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUES | ||||||||||||||||
Transmission Revenues | $ | 35.9 | $ | 33.5 | $ | 99.2 | $ | 89.6 | ||||||||
Sales to AEP Affiliates | 131.4 | 91.8 | 450.2 | 268.4 | ||||||||||||
TOTAL REVENUES | 167.3 | 125.3 | 549.4 | 358.0 | ||||||||||||
EXPENSES | ||||||||||||||||
Other Operation | 18.4 | 7.5 | 38.8 | 21.0 | ||||||||||||
Maintenance | 1.4 | 1.9 | 6.8 | 4.8 | ||||||||||||
Depreciation and Amortization | 24.8 | 16.8 | 70.9 | 47.5 | ||||||||||||
Taxes Other Than Income Taxes | 27.6 | 22.7 | 82.0 | 65.4 | ||||||||||||
TOTAL EXPENSES | 72.2 | 48.9 | 198.5 | 138.7 | ||||||||||||
OPERATING INCOME | 95.1 | 76.4 | 350.9 | 219.3 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest Income | 0.2 | 0.1 | 0.5 | 0.2 | ||||||||||||
Allowance for Equity Funds Used During Construction | 11.7 | 13.3 | 36.0 | 39.7 | ||||||||||||
Interest Expense | (16.9 | ) | (11.0 | ) | (48.6 | ) | (32.3 | ) | ||||||||
INCOME BEFORE INCOME TAX EXPENSE | 90.1 | 78.8 | 338.8 | 226.9 | ||||||||||||
Income Tax Expense | 30.2 | 26.4 | 114.5 | 73.9 | ||||||||||||
NET INCOME | $ | 59.9 | $ | 52.4 | $ | 224.3 | $ | 153.0 |
Paid-in Capital | Retained Earnings | Total | ||||||||||||||||||
TOTAL MEMBER'S EQUITY – DECEMBER 31, 2021 | $ | 2,949.6 | $ | 2,426.5 | $ | 5,376.1 | ||||||||||||||
Dividends Paid to Member | (40.0) | (40.0) | ||||||||||||||||||
Net Income | 155.4 | 155.4 | ||||||||||||||||||
TOTAL MEMBER'S EQUITY – MARCH 31, 2022 | 2,949.6 | 2,541.9 | 5,491.5 | |||||||||||||||||
Capital Contribution from Member | 2.8 | 2.8 | ||||||||||||||||||
Dividends Paid to Member | (50.0) | (50.0) | ||||||||||||||||||
Net Income | 118.5 | 118.5 | ||||||||||||||||||
TOTAL MEMBER'S EQUITY – JUNE 30, 2022 | $ | 2,952.4 | $ | 2,610.4 | $ | 5,562.8 | ||||||||||||||
TOTAL MEMBER'S EQUITY – DECEMBER 31, 2022 | $ | 3,022.3 | $ | 2,850.7 | $ | 5,873.0 | ||||||||||||||
Capital Contribution from Member | 25.0 | 25.0 | ||||||||||||||||||
Dividends Paid to Member | (55.0) | (55.0) | ||||||||||||||||||
Net Income | 162.7 | 162.7 | ||||||||||||||||||
TOTAL MEMBER'S EQUITY – MARCH 31, 2023 | 3,047.3 | 2,958.4 | 6,005.7 | |||||||||||||||||
Return of Capital to Member | (8.6) | (8.6) | ||||||||||||||||||
Dividends Paid to Member | (30.0) | (30.0) | ||||||||||||||||||
Net Income | 175.7 | 175.7 | ||||||||||||||||||
TOTAL MEMBER'S EQUITY – JUNE 30, 2023 | $ | 3,038.7 | $ | 3,104.1 | $ | 6,142.8 | ||||||||||||||
Paid-in Capital | Retained Earnings | Total Member’s Equity | ||||||||||
TOTAL MEMBER'S EQUITY – DECEMBER 31, 2015 | $ | 1,243.0 | $ | 309.9 | $ | 1,552.9 | ||||||
Capital Contributions from Member | 116.0 | 116.0 | ||||||||||
Net Income | 153.0 | 153.0 | ||||||||||
TOTAL MEMBER'S EQUITY – SEPTEMBER 30, 2016 | $ | 1,359.0 | $ | 462.9 | $ | 1,821.9 | ||||||
TOTAL MEMBER'S EQUITY – DECEMBER 31, 2016 | $ | 1,455.0 | $ | 502.6 | $ | 1,957.6 | ||||||
Capital Contributions from Member | 185.5 | 185.5 | ||||||||||
Net Income | 224.3 | 224.3 | ||||||||||
TOTAL MEMBER'S EQUITY – SEPTEMBER 30, 2017 | $ | 1,640.5 | $ | 726.9 | $ | 2,367.4 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Advances to Affiliates | $ | 79.4 | $ | 4.4 | ||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 91.1 | 46.9 | ||||||||||||
Affiliated Companies | 179.4 | 119.5 | ||||||||||||
Total Accounts Receivable | 270.5 | 166.4 | ||||||||||||
Materials and Supplies | 15.5 | 10.7 | ||||||||||||
Prepayments and Other Current Assets | 1.8 | 7.2 | ||||||||||||
TOTAL CURRENT ASSETS | 367.2 | 188.7 | ||||||||||||
TRANSMISSION PROPERTY | ||||||||||||||
Transmission Property | 12,780.0 | 12,335.4 | ||||||||||||
Other Property, Plant and Equipment | 489.6 | 476.8 | ||||||||||||
Construction Work in Progress | 1,918.9 | 1,554.7 | ||||||||||||
Total Transmission Property | 15,188.5 | 14,366.9 | ||||||||||||
Accumulated Depreciation and Amortization | 1,150.8 | 1,027.0 | ||||||||||||
TOTAL TRANSMISSION PROPERTY – NET | 14,037.7 | 13,339.9 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 5.8 | 7.2 | ||||||||||||
Deferred Property Taxes | 155.9 | 266.6 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 9.9 | 11.8 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 171.6 | 285.6 | ||||||||||||
TOTAL ASSETS | $ | 14,576.5 | $ | 13,814.2 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT ASSETS | ||||||||
Advances to Affiliates | $ | 290.9 | $ | 67.1 | ||||
Accounts Receivable: | ||||||||
Customers | 19.5 | 11.3 | ||||||
Affiliated Companies | 102.8 | 66.6 | ||||||
Total Accounts Receivable | 122.3 | 77.9 | ||||||
Materials and Supplies | 16.0 | 5.0 | ||||||
Accrued Tax Benefits | 12.7 | 26.0 | ||||||
Prepayments and Other Current Assets | 8.1 | 2.8 | ||||||
TOTAL CURRENT ASSETS | 450.0 | 178.8 | ||||||
TRANSMISSION PROPERTY | ||||||||
Transmission Property | 4,570.9 | 3,973.5 | ||||||
Other Property, Plant and Equipment | 113.5 | 99.4 | ||||||
Construction Work in Progress | 1,383.1 | 981.3 | ||||||
Total Transmission Property | 6,067.5 | 5,054.2 | ||||||
Accumulated Depreciation and Amortization | 151.5 | 99.6 | ||||||
TOTAL TRANSMISSION PROPERTY – NET | 5,916.0 | 4,954.6 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Accounts Receivable - Affiliated Companies | 13.8 | — | ||||||
Regulatory Assets | 138.0 | 112.3 | ||||||
Deferred Property Taxes | 29.8 | 102.2 | ||||||
Deferred Charges and Other Noncurrent Assets | 1.3 | 1.9 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 182.9 | 216.4 | ||||||
TOTAL ASSETS | $ | 6,548.9 | $ | 5,349.8 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 74.4 | $ | 229.3 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 387.4 | 427.8 | ||||||||||||
Affiliated Companies | 104.9 | 82.7 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | 60.0 | 60.0 | ||||||||||||
Accrued Taxes | 392.4 | 529.8 | ||||||||||||
Accrued Interest | 40.1 | 28.8 | ||||||||||||
Obligations Under Operating Leases | 1.4 | 1.3 | ||||||||||||
Other Current Liabilities | 12.3 | 8.3 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,072.9 | 1,368.0 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 5,413.0 | 4,722.8 | ||||||||||||
Deferred Income Taxes | 1,107.3 | 1,056.5 | ||||||||||||
Regulatory Liabilities | 768.9 | 723.3 | ||||||||||||
Obligations Under Operating Leases | 1.8 | 1.5 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 69.8 | 69.1 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 7,360.8 | 6,573.2 | ||||||||||||
TOTAL LIABILITIES | 8,433.7 | 7,941.2 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
MEMBER’S EQUITY | ||||||||||||||
Paid-in Capital | 3,038.7 | 3,022.3 | ||||||||||||
Retained Earnings | 3,104.1 | 2,850.7 | ||||||||||||
TOTAL MEMBER’S EQUITY | 6,142.8 | 5,873.0 | ||||||||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 14,576.5 | $ | 13,814.2 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 32.8 | $ | 4.1 | ||||
Accounts Payable: | ||||||||
General | 233.2 | 289.7 | ||||||
Affiliated Companies | 50.0 | 43.1 | ||||||
Accrued Taxes | 112.5 | 191.8 | ||||||
Accrued Interest | 28.9 | 10.5 | ||||||
Other Current Liabilities | 10.4 | 10.9 | ||||||
TOTAL CURRENT LIABILITIES | 467.8 | 550.1 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 2,550.0 | 1,932.0 | ||||||
Deferred Income Taxes | 1,073.1 | 862.1 | ||||||
Regulatory Liabilities | 60.5 | 44.0 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 30.1 | 4.0 | ||||||
TOTAL NONCURRENT LIABILITIES | 3,713.7 | 2,842.1 | ||||||
TOTAL LIABILITIES | 4,181.5 | 3,392.2 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
MEMBER’S EQUITY | ||||||||
Paid-in Capital | 1,640.5 | 1,455.0 | ||||||
Retained Earnings | 726.9 | 502.6 | ||||||
TOTAL MEMBER’S EQUITY | 2,367.4 | 1,957.6 | ||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 6,548.9 | $ | 5,349.8 |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 338.4 | $ | 273.9 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 191.6 | 168.8 | ||||||||||||
Deferred Income Taxes | 42.7 | 37.3 | ||||||||||||
Allowance for Equity Funds Used During Construction | (39.5) | (30.9) | ||||||||||||
Property Taxes | 110.7 | 101.4 | ||||||||||||
Change in Other Noncurrent Assets | 3.4 | 1.8 | ||||||||||||
Change in Other Noncurrent Liabilities | 1.7 | 44.3 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (104.1) | (36.7) | ||||||||||||
Materials and Supplies | (4.8) | (2.2) | ||||||||||||
Accounts Payable | 64.6 | 13.1 | ||||||||||||
Accrued Taxes, Net | (133.3) | (107.6) | ||||||||||||
Other Current Assets | 1.3 | 0.9 | ||||||||||||
Other Current Liabilities | 10.2 | (0.9) | ||||||||||||
Net Cash Flows from Operating Activities | 482.9 | 463.2 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (876.1) | (730.9) | ||||||||||||
Change in Advances to Affiliates, Net | (75.0) | (109.8) | ||||||||||||
Other Investing Activities | 2.6 | (8.0) | ||||||||||||
Net Cash Flows Used for Investing Activities | (948.5) | (848.7) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Member | 25.0 | 2.8 | ||||||||||||
Return of Capital to Member | (8.6) | — | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 689.1 | 540.9 | ||||||||||||
Change in Advances from Affiliates, Net | (154.9) | (68.2) | ||||||||||||
Dividends Paid to Member | (85.0) | (90.0) | ||||||||||||
Net Cash Flows from Financing Activities | 465.6 | 385.5 | ||||||||||||
Net Change in Cash and Cash Equivalents | — | — | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | — | — | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | — | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 82.8 | $ | 74.0 | ||||||||||
Net Cash Paid for Income Taxes | 32.0 | 39.7 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 238.4 | 228.7 | ||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 224.3 | $ | 153.0 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 70.9 | 47.5 | ||||||
Deferred Income Taxes | 193.0 | 161.2 | ||||||
Allowance for Equity Funds Used During Construction | (36.0 | ) | (39.7 | ) | ||||
Property Taxes | 72.4 | 63.5 | ||||||
Long-term Accounts Receivable - Affiliated | (13.8 | ) | — | |||||
Change in Other Noncurrent Assets | 7.6 | (6.4 | ) | |||||
Change in Other Noncurrent Liabilities | 25.7 | 0.6 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | (44.4 | ) | (43.3 | ) | ||||
Materials and Supplies | (11.0 | ) | (1.5 | ) | ||||
Accounts Payable | 8.6 | (1.7 | ) | |||||
Accrued Taxes, Net | (66.0 | ) | 61.2 | |||||
Accrued Interest | 18.4 | 11.3 | ||||||
Other Current Assets | (5.3 | ) | (0.1 | ) | ||||
Other Current Liabilities | 0.5 | 0.1 | ||||||
Net Cash Flows from Operating Activities | 444.9 | 405.7 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (1,050.7 | ) | (799.8 | ) | ||||
Change in Advances to Affiliates, Net | (223.8 | ) | 83.7 | |||||
Other Investing Activities | (2.9 | ) | (4.6 | ) | ||||
Net Cash Flows Used for Investing Activities | (1,277.4 | ) | (720.7 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Capital Contributions from Member | 185.5 | 116.0 | ||||||
Issuance of Long-term Debt - Nonaffiliated | 618.3 | — | ||||||
Change in Advances from Affiliates, Net | 28.7 | 199.0 | ||||||
Net Cash Flows from Financing Activities | 832.5 | 315.0 | ||||||
Net Change in Cash and Cash Equivalents | — | — | ||||||
Cash and Cash Equivalents at Beginning of Period | — | — | ||||||
Cash and Cash Equivalents at End of Period | $ | — | $ | — | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 28.6 | $ | 20.0 | ||||
Net Cash Paid (Received) for Income Taxes | (93.4 | ) | (209.8 | ) | ||||
Construction Expenditures Included in Current Liabilities as of September 30, | 239.0 | 204.8 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 1,987 | 2,223 | 5,046 | 5,755 | |||||||||||||||||||
Commercial | 1,346 | 1,460 | 2,749 | 2,979 | |||||||||||||||||||
Industrial | 2,135 | 2,225 | 4,244 | 4,444 | |||||||||||||||||||
Miscellaneous | 190 | 205 | 390 | 418 | |||||||||||||||||||
Total Retail | 5,658 | 6,113 | 12,429 | 13,596 | |||||||||||||||||||
Wholesale | 514 | 262 | 1,003 | 625 | |||||||||||||||||||
Total KWhs | 6,172 | 6,375 | 13,432 | 14,221 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in millions of KWhs) | |||||||||||
Retail: | |||||||||||
Residential | 2,488 | 2,845 | 7,829 | 8,743 | |||||||
Commercial | 1,673 | 1,823 | 4,805 | 5,125 | |||||||
Industrial | 2,431 | 2,391 | 7,106 | 7,022 | |||||||
Miscellaneous | 202 | 217 | 613 | 637 | |||||||
Total Retail | 6,794 | 7,276 | 20,353 | 21,527 | |||||||
Wholesale | 994 | 1,029 | 2,684 | 2,413 | |||||||
Total KWhs | 7,788 | 8,305 | 23,037 | 23,940 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 69 | 94 | 928 | 1,368 | |||||||||||||||||||
Normal – Heating (b) | 87 | 89 | 1,408 | 1,408 | |||||||||||||||||||
Actual – Cooling (c) | 225 | 421 | 233 | 423 | |||||||||||||||||||
Normal – Cooling (b) | 379 | 372 | 385 | 378 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in degree days) | |||||||||||
Actual - Heating (a) | — | — | 1,000 | 1,433 | |||||||
Normal - Heating (b) | 2 | 2 | 1,420 | 1,437 | |||||||
Actual - Cooling (c) | 805 | 1,049 | 1,180 | 1,437 | |||||||
Normal - Cooling (b) | 812 | 808 | 1,179 | 1,177 |
Appalachian Power Company and Subsidiaries | ||||||||||||||
Reconciliation of 2022 to 2023 Net Income | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Net Income | $ | 90.2 | $ | 210.4 | ||||||||||
Changes in Gross Margin: | ||||||||||||||
Retail Margins | 20.2 | 33.2 | ||||||||||||
Margins from Off-system Sales | 0.4 | 2.6 | ||||||||||||
Transmission Revenues | 2.4 | 2.6 | ||||||||||||
Other Revenues | (2.3) | (6.5) | ||||||||||||
Total Change in Gross Margin | 20.7 | 31.9 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | (46.7) | (52.6) | ||||||||||||
Depreciation and Amortization | 4.8 | 7.0 | ||||||||||||
Taxes Other Than Income Taxes | (1.9) | (3.5) | ||||||||||||
Interest Income | 0.5 | 1.0 | ||||||||||||
Allowance for Equity Funds Used During Construction | 0.1 | 0.5 | ||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 1.0 | 1.8 | ||||||||||||
Interest Expense | (11.8) | (22.8) | ||||||||||||
Total Change in Expenses and Other | (54.0) | (68.6) | ||||||||||||
Income Tax Expense | (14.0) | (18.3) | ||||||||||||
2023 Net Income | $ | 42.9 | $ | 155.4 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Net Income | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | 104.1 | ||
Changes in Gross Margin: | ||||
Retail Margins | (40.6 | ) | ||
Off-system Sales | (1.0 | ) | ||
Transmission Revenues | 1.8 | |||
Other Revenues | 0.5 | |||
Total Change in Gross Margin | (39.3 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 12.9 | |||
Depreciation and Amortization | (4.7 | ) | ||
Taxes Other Than Income Taxes | (0.3 | ) | ||
Carrying Costs Income | 0.4 | |||
Allowance for Equity Funds Used During Construction | (1.8 | ) | ||
Interest Expense | (0.8 | ) | ||
Total Change in Expenses and Other | 5.7 | |||
Income Tax Expense | 15.5 | |||
Third Quarter of 2017 | $ | 86.0 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Net Income | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | 303.8 | ||
Changes in Gross Margin: | ||||
Retail Margins | (93.7 | ) | ||
Off-system Sales | (0.1 | ) | ||
Transmission Revenues | 25.9 | |||
Other Revenues | 3.2 | |||
Total Change in Gross Margin | (64.7 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (8.3 | ) | ||
Depreciation and Amortization | (14.1 | ) | ||
Taxes Other Than Income Taxes | 0.6 | |||
Interest Income | 0.3 | |||
Carrying Costs Income | 0.8 | |||
Allowance for Equity Funds Used During Construction | (2.9 | ) | ||
Interest Expense | (2.8 | ) | ||
Total Change in Expenses and Other | (26.4 | ) | ||
Income Tax Expense | 36.0 | |||
Nine Months Ended September 30, 2017 | $ | 248.7 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 762.5 | $ | 704.9 | $ | 1,677.0 | $ | 1,552.0 | ||||||||||||||||||
Sales to AEP Affiliates | 61.1 | 63.1 | 130.7 | 120.0 | ||||||||||||||||||||||
Other Revenues | 2.9 | 5.6 | 6.5 | 8.9 | ||||||||||||||||||||||
TOTAL REVENUES | 826.5 | 773.6 | 1,814.2 | 1,680.9 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 277.9 | 245.7 | 617.6 | 516.2 | ||||||||||||||||||||||
Other Operation | 189.9 | 147.1 | 381.7 | 332.0 | ||||||||||||||||||||||
Maintenance | 75.1 | 71.2 | 148.2 | 145.3 | ||||||||||||||||||||||
Depreciation and Amortization | 138.1 | 142.9 | 281.1 | 288.1 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 41.2 | 39.3 | 83.0 | 79.5 | ||||||||||||||||||||||
TOTAL EXPENSES | 722.2 | 646.2 | 1,511.6 | 1,361.1 | ||||||||||||||||||||||
OPERATING INCOME | 104.3 | 127.4 | 302.6 | 319.8 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income | 0.8 | 0.3 | 1.4 | 0.4 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 2.7 | 2.6 | 5.1 | 4.6 | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 8.2 | 7.2 | 16.3 | 14.5 | ||||||||||||||||||||||
Interest Expense | (66.9) | (55.1) | (132.2) | (109.4) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 49.1 | 82.4 | 193.2 | 229.9 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | 6.2 | (7.8) | 37.8 | 19.5 | ||||||||||||||||||||||
NET INCOME | $ | 42.9 | $ | 90.2 | $ | 155.4 | $ | 210.4 | ||||||||||||||||||
The common stock of APCo is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUES | ||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 674.4 | $ | 739.0 | $ | 2,045.0 | $ | 2,153.3 | ||||||||
Sales to AEP Affiliates | 41.9 | 36.4 | 130.6 | 109.0 | ||||||||||||
Other Revenues | 3.0 | 2.8 | 11.8 | 9.4 | ||||||||||||
TOTAL REVENUES | 719.3 | 778.2 | 2,187.4 | 2,271.7 | ||||||||||||
EXPENSES | ||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 178.6 | 190.1 | 498.3 | 494.1 | ||||||||||||
Purchased Electricity for Resale | 61.1 | 69.2 | 217.1 | 240.9 | ||||||||||||
Other Operation | 115.7 | 117.6 | 366.2 | 349.4 | ||||||||||||
Maintenance | 55.8 | 66.8 | 187.8 | 196.3 | ||||||||||||
Depreciation and Amortization | 102.8 | 98.1 | 304.1 | 290.0 | ||||||||||||
Taxes Other Than Income Taxes | 32.3 | 32.0 | 93.3 | 93.9 | ||||||||||||
TOTAL EXPENSES | 546.3 | 573.8 | 1,666.8 | 1,664.6 | ||||||||||||
OPERATING INCOME | 173.0 | 204.4 | 520.6 | 607.1 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest Income | 0.3 | 0.3 | 1.1 | 0.8 | ||||||||||||
Carrying Costs Income | 0.4 | — | 1.0 | 0.2 | ||||||||||||
Allowance for Equity Funds Used During Construction | 2.7 | 4.5 | 6.2 | 9.1 | ||||||||||||
Interest Expense | (47.2 | ) | (46.4 | ) | (143.5 | ) | (140.7 | ) | ||||||||
INCOME BEFORE INCOME TAX EXPENSE | 129.2 | 162.8 | 385.4 | 476.5 | ||||||||||||
Income Tax Expense | 43.2 | 58.7 | 136.7 | 172.7 | ||||||||||||
NET INCOME | $ | 86.0 | $ | 104.1 | $ | 248.7 | $ | 303.8 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Income | $ | 42.9 | $ | 90.2 | $ | 155.4 | $ | 210.4 | ||||||||||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(0.1) and $(0.1) for the Six Months Ended June 30, 2023 and 2022, Respectively | (0.2) | (0.2) | (0.4) | (0.4) | ||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.2) and $(0.3) for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(0.4) and $(0.6) for the Six Months Ended June 30, 2023 and 2022, Respectively | (0.8) | (1.0) | (1.6) | (2.1) | ||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE LOSS | (1.0) | (1.2) | (2.0) | (2.5) | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 41.9 | $ | 89.0 | $ | 153.4 | $ | 207.9 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income | $ | 86.0 | $ | 104.1 | $ | 248.7 | $ | 303.8 | ||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended September 30, 2017 and 2016, Respectively, and $(0.3) and $(0.3) for the Nine Months Ended September 30, 2017 and 2016, Respectively | (0.1 | ) | (0.2 | ) | (0.5 | ) | (0.6 | ) | ||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended September 30, 2017 and 2016, Respectively, and $(0.4) and $(0.5) for the Nine Months Ended September 30, 2017 and 2016, Respectively | (0.3 | ) | (0.3 | ) | (0.9 | ) | (1.0 | ) | ||||||||
TOTAL OTHER COMPREHENSIVE LOSS | (0.4 | ) | (0.5 | ) | (1.4 | ) | (1.6 | ) | ||||||||
TOTAL COMPREHENSIVE INCOME | $ | 85.6 | $ | 103.6 | $ | 247.3 | $ | 302.2 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - DECEMBER 31, 2021 | $ | 260.4 | $ | 1,828.7 | $ | 2,534.4 | $ | 24.4 | $ | 4,647.9 | ||||||||||||||||||||||
Common Stock Dividends | (18.8) | (18.8) | ||||||||||||||||||||||||||||||
Net Income | 120.2 | 120.2 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.3) | (1.3) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - MARCH 31, 2022 | 260.4 | 1,828.7 | 2,635.8 | 23.1 | 4,748.0 | |||||||||||||||||||||||||||
Capital Contribution from Parent | 2.8 | 2.8 | ||||||||||||||||||||||||||||||
Common Stock Dividends | (18.7) | (18.7) | ||||||||||||||||||||||||||||||
Net Income | 90.2 | 90.2 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.2) | (1.2) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - JUNE 30, 2022 | $ | 260.4 | $ | 1,831.5 | $ | 2,707.3 | $ | 21.9 | $ | 4,821.1 | ||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - DECEMBER 31, 2022 | $ | 260.4 | $ | 1,828.7 | $ | 2,891.1 | $ | (4.8) | $ | 4,975.4 | ||||||||||||||||||||||
Net Income | 112.5 | 112.5 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.0) | (1.0) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - MARCH 31, 2023 | 260.4 | 1,828.7 | 3,003.6 | (5.8) | 5,086.9 | |||||||||||||||||||||||||||
Capital Contribution from Parent | 4.3 | 4.3 | ||||||||||||||||||||||||||||||
Net Income | 42.9 | 42.9 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.0) | (1.0) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - JUNE 30, 2023 | $ | 260.4 | $ | 1,833.0 | $ | 3,046.5 | $ | (6.8) | $ | 5,133.1 | ||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2015 | $ | 260.4 | $ | 1,828.7 | $ | 1,388.7 | $ | (2.8 | ) | $ | 3,475.0 | |||||||||
Common Stock Dividends | (225.0 | ) | (225.0 | ) | ||||||||||||||||
Net Income | 303.8 | 303.8 | ||||||||||||||||||
Other Comprehensive Loss | (1.6 | ) | (1.6 | ) | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - SEPTEMBER 30, 2016 | $ | 260.4 | $ | 1,828.7 | $ | 1,467.5 | $ | (4.4 | ) | $ | 3,552.2 | |||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2016 | $ | 260.4 | $ | 1,828.7 | $ | 1,502.8 | $ | (8.4 | ) | $ | 3,583.5 | |||||||||
Common Stock Dividends | (90.0 | ) | (90.0 | ) | ||||||||||||||||
Net Income | 248.7 | 248.7 | ||||||||||||||||||
Other Comprehensive Loss | (1.4 | ) | (1.4 | ) | ||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - SEPTEMBER 30, 2017 | $ | 260.4 | $ | 1,828.7 | $ | 1,661.5 | $ | (9.8 | ) | $ | 3,740.8 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 6.8 | $ | 7.5 | ||||||||||
Restricted Cash for Securitized Funding | 15.1 | 14.4 | ||||||||||||
Advances to Affiliates | 18.9 | 19.8 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 138.1 | 168.9 | ||||||||||||
Affiliated Companies | 121.5 | 94.0 | ||||||||||||
Accrued Unbilled Revenues | 35.6 | 91.3 | ||||||||||||
Miscellaneous | 0.5 | 0.3 | ||||||||||||
Allowance for Uncollectible Accounts | (1.6) | (1.7) | ||||||||||||
Total Accounts Receivable | 294.1 | 352.8 | ||||||||||||
Fuel | 267.1 | 158.9 | ||||||||||||
Materials and Supplies | 136.5 | 130.6 | ||||||||||||
Risk Management Assets | 39.2 | 69.1 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 586.0 | 473.1 | ||||||||||||
Prepayments and Other Current Assets | 28.9 | 33.4 | ||||||||||||
TOTAL CURRENT ASSETS | 1,392.6 | 1,259.6 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 6,903.0 | 6,776.8 | ||||||||||||
Transmission | 4,536.9 | 4,482.8 | ||||||||||||
Distribution | 5,067.5 | 4,933.0 | ||||||||||||
Other Property, Plant and Equipment | 922.7 | 883.3 | ||||||||||||
Construction Work in Progress | 790.9 | 705.3 | ||||||||||||
Total Property, Plant and Equipment | 18,221.0 | 17,781.2 | ||||||||||||
Accumulated Depreciation and Amortization | 5,547.0 | 5,402.0 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 12,674.0 | 12,379.2 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 891.7 | 1,058.6 | ||||||||||||
Securitized Assets | 146.5 | 159.6 | ||||||||||||
Employee Benefits and Pension Assets | 161.9 | 152.9 | ||||||||||||
Operating Lease Assets | 67.9 | 73.6 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 123.4 | 138.7 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 1,391.4 | 1,583.4 | ||||||||||||
TOTAL ASSETS | $ | 15,458.0 | $ | 15,222.2 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 2.9 | $ | 2.7 | ||||
Restricted Cash for Securitized Funding | 8.3 | 15.8 | ||||||
Advances to Affiliates | 23.6 | 24.1 | ||||||
Accounts Receivable: | ||||||||
Customers | 96.8 | 131.4 | ||||||
Affiliated Companies | 59.5 | 54.4 | ||||||
Accrued Unbilled Revenues | 41.1 | 52.7 | ||||||
Miscellaneous | 1.3 | 0.9 | ||||||
Allowance for Uncollectible Accounts | (2.7 | ) | (3.5 | ) | ||||
Total Accounts Receivable | 196.0 | 235.9 | ||||||
Fuel | 96.3 | 112.0 | ||||||
Materials and Supplies | 100.8 | 98.8 | ||||||
Risk Management Assets | 30.3 | 2.6 | ||||||
Accrued Tax Benefits | 0.4 | 4.2 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 63.5 | 68.4 | ||||||
Margin Deposits | 11.8 | 17.5 | ||||||
Prepayments and Other Current Assets | 18.2 | 9.7 | ||||||
TOTAL CURRENT ASSETS | 552.1 | 591.7 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 6,393.7 | 6,332.8 | ||||||
Transmission | 2,904.4 | 2,796.9 | ||||||
Distribution | 3,703.5 | 3,569.1 | ||||||
Other Property, Plant and Equipment | 409.8 | 373.5 | ||||||
Construction Work in Progress | 493.5 | 390.3 | ||||||
Total Property, Plant and Equipment | 13,904.9 | 13,462.6 | ||||||
Accumulated Depreciation and Amortization | 3,836.7 | 3,636.8 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 10,068.2 | 9,825.8 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 1,100.1 | 1,121.1 | ||||||
Securitized Assets | 288.0 | 305.3 | ||||||
Long-term Risk Management Assets | 0.6 | — | ||||||
Deferred Charges and Other Noncurrent Assets | 113.6 | 133.3 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 1,502.3 | 1,559.7 | ||||||
TOTAL ASSETS | $ | 12,122.6 | $ | 11,977.2 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 266.1 | $ | 182.2 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 324.3 | 451.2 | ||||||||||||
Affiliated Companies | 114.2 | 142.7 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | 538.3 | 251.8 | ||||||||||||
Risk Management Liabilities | 1.1 | 3.6 | ||||||||||||
Customer Deposits | 75.3 | 75.1 | ||||||||||||
Accrued Taxes | 101.8 | 101.0 | ||||||||||||
Accrued Interest | 60.0 | 57.9 | ||||||||||||
Obligations Under Operating Leases | 14.3 | 15.0 | ||||||||||||
Other Current Liabilities | 108.6 | 109.7 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,604.0 | 1,390.2 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 5,061.4 | 5,158.7 | ||||||||||||
Deferred Income Taxes | 2,007.9 | 1,992.2 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,094.5 | 1,143.6 | ||||||||||||
Asset Retirement Obligations | 419.7 | 419.2 | ||||||||||||
Employee Benefits and Pension Obligations | 33.7 | 34.2 | ||||||||||||
Obligations Under Operating Leases | 54.0 | 59.1 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 49.7 | 49.6 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 8,720.9 | 8,856.6 | ||||||||||||
TOTAL LIABILITIES | 10,324.9 | 10,246.8 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Common Stock – No Par Value: | ||||||||||||||
Authorized – 30,000,000 Shares | ||||||||||||||
Outstanding – 13,499,500 Shares | 260.4 | 260.4 | ||||||||||||
Paid-in Capital | 1,833.0 | 1,828.7 | ||||||||||||
Retained Earnings | 3,046.5 | 2,891.1 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (6.8) | (4.8) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 5,133.1 | 4,975.4 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 15,458.0 | $ | 15,222.2 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
(in millions) | ||||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 69.5 | $ | 79.6 | ||||
Accounts Payable: | ||||||||
General | 235.4 | 253.7 | ||||||
Affiliated Companies | 75.5 | 82.6 | ||||||
Long-term Debt Due Within One Year - Nonaffiliated | 149.2 | 503.1 | ||||||
Risk Management Liabilities | 0.9 | 0.3 | ||||||
Customer Deposits | 84.0 | 83.1 | ||||||
Accrued Taxes | 64.0 | 107.6 | ||||||
Accrued Interest | 71.4 | 40.6 | ||||||
Other Current Liabilities | 99.2 | 129.5 | ||||||
TOTAL CURRENT LIABILITIES | 849.1 | 1,280.1 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt - Nonaffiliated | 3,830.1 | 3,530.8 | ||||||
Long-term Risk Management Liabilities | 0.3 | 0.9 | ||||||
Deferred Income Taxes | 2,796.7 | 2,672.3 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 634.4 | 627.8 | ||||||
Asset Retirement Obligations | 101.2 | 108.8 | ||||||
Employee Benefits and Pension Obligations | 92.2 | 108.5 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 77.8 | 64.5 | ||||||
TOTAL NONCURRENT LIABILITIES | 7,532.7 | 7,113.6 | ||||||
TOTAL LIABILITIES | 8,381.8 | 8,393.7 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Common Stock – No Par Value: | ||||||||
Authorized – 30,000,000 Shares | ||||||||
Outstanding – 13,499,500 Shares | 260.4 | 260.4 | ||||||
Paid-in Capital | 1,828.7 | 1,828.7 | ||||||
Retained Earnings | 1,661.5 | 1,502.8 | ||||||
Accumulated Other Comprehensive Income (Loss) | (9.8 | ) | (8.4 | ) | ||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 3,740.8 | 3,583.5 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 12,122.6 | $ | 11,977.2 |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 155.4 | $ | 210.4 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 281.1 | 288.1 | ||||||||||||
Deferred Income Taxes | (2.8) | 17.1 | ||||||||||||
Allowance for Equity Funds Used During Construction | (5.1) | (4.6) | ||||||||||||
Mark-to-Market of Risk Management Contracts | 27.4 | (38.5) | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 54.2 | (312.1) | ||||||||||||
Change in Other Noncurrent Assets | 7.7 | (42.3) | ||||||||||||
Change in Other Noncurrent Liabilities | (39.3) | (0.2) | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | 60.4 | 65.4 | ||||||||||||
Fuel, Materials and Supplies | (113.4) | (75.4) | ||||||||||||
Margin Deposits | (11.7) | 64.5 | ||||||||||||
Accounts Payable | (128.7) | 162.8 | ||||||||||||
Accrued Taxes, Net | 13.4 | (5.7) | ||||||||||||
Other Current Assets | 5.1 | 0.7 | ||||||||||||
Other Current Liabilities | (20.8) | (0.7) | ||||||||||||
Net Cash Flows from Operating Activities | 282.9 | 329.5 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (558.2) | (450.8) | ||||||||||||
Change in Advances to Affiliates, Net | 0.9 | 1.4 | ||||||||||||
Other Investing Activities | 2.7 | 23.3 | ||||||||||||
Net Cash Flows Used for Investing Activities | (554.6) | (426.1) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | 4.3 | 2.8 | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 200.0 | 103.3 | ||||||||||||
Change in Advances from Affiliates, Net | 83.9 | 149.9 | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (13.0) | (117.1) | ||||||||||||
Principal Payments for Finance Lease Obligations | (4.1) | (4.0) | ||||||||||||
Dividends Paid on Common Stock | — | (37.5) | ||||||||||||
Other Financing Activities | 0.6 | 0.2 | ||||||||||||
Net Cash Flows from Financing Activities | 271.7 | 97.6 | ||||||||||||
Net Increase in Cash, Cash Equivalents and Restricted Cash for Securitized Funding | — | 1.0 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at Beginning of Period | 21.9 | 20.1 | ||||||||||||
Cash, Cash Equivalents and Restricted Cash for Securitized Funding at End of Period | $ | 21.9 | $ | 21.1 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 125.9 | $ | 104.9 | ||||||||||
Net Cash Paid for Income Taxes | 23.4 | 1.0 | ||||||||||||
Noncash Acquisitions Under Finance Leases | 1.7 | 0.5 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 139.6 | 121.2 | ||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 248.7 | $ | 303.8 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 304.1 | 290.0 | ||||||
Deferred Income Taxes | 121.7 | 100.9 | ||||||
Carrying Costs Income | (1.0 | ) | (0.2 | ) | ||||
Allowance for Equity Funds Used During Construction | (6.2 | ) | (9.1 | ) | ||||
Mark-to-Market of Risk Management Contracts | (28.3 | ) | 18.4 | |||||
Pension Contributions to Qualified Plan Trust | (10.2 | ) | (8.8 | ) | ||||
Property Taxes | 29.8 | 29.2 | ||||||
Deferred Fuel Over/Under-Recovery, Net | 4.9 | 19.0 | ||||||
Change in Other Noncurrent Assets | 8.3 | (5.1 | ) | |||||
Change in Other Noncurrent Liabilities | 7.9 | (23.0 | ) | |||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 39.9 | (20.5 | ) | |||||
Fuel, Materials and Supplies | 14.0 | (1.2 | ) | |||||
Accounts Payable | 6.2 | 4.9 | ||||||
Accrued Taxes, Net | (44.2 | ) | (13.9 | ) | ||||
Other Current Assets | (2.5 | ) | (0.2 | ) | ||||
Other Current Liabilities | 9.1 | (4.1 | ) | |||||
Net Cash Flows from Operating Activities | 702.2 | 680.1 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (560.0 | ) | (472.7 | ) | ||||
Change in Restricted Cash for Securitized Funding | 7.5 | 7.0 | ||||||
Change in Advances to Affiliates, Net | 0.5 | 1.2 | ||||||
Other Investing Activities | 11.8 | 10.6 | ||||||
Net Cash Flows Used for Investing Activities | (540.2 | ) | (453.9 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt - Nonaffiliated | 320.9 | 314.1 | ||||||
Change in Advances from Affiliates, Net | (10.1 | ) | (96.9 | ) | ||||
Retirement of Long-term Debt - Nonaffiliated | (377.9 | ) | (213.6 | ) | ||||
Principal Payments for Capital Lease Obligations | (5.2 | ) | (4.7 | ) | ||||
Dividends Paid on Common Stock | (90.0 | ) | (225.0 | ) | ||||
Other Financing Activities | 0.5 | 0.4 | ||||||
Net Cash Flows Used for Financing Activities | (161.8 | ) | (225.7 | ) | ||||
Net Increase in Cash and Cash Equivalents | 0.2 | 0.5 | ||||||
Cash and Cash Equivalents at Beginning of Period | 2.7 | 2.8 | ||||||
Cash and Cash Equivalents at End of Period | $ | 2.9 | $ | 3.3 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 107.1 | $ | 113.2 | ||||
Net Cash Paid for Income Taxes | 24.4 | 55.8 | ||||||
Noncash Acquisitions Under Capital Leases | 2.9 | 2.1 | ||||||
Construction Expenditures Included in Current Liabilities as of September 30, | 107.2 | 66.8 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 1,114 | 1,249 | 2,577 | 2,788 | |||||||||||||||||||
Commercial | 1,207 | 1,165 | 2,396 | 2,284 | |||||||||||||||||||
Industrial | 1,821 | 1,922 | 3,625 | 3,712 | |||||||||||||||||||
Miscellaneous | 11 | 11 | 27 | 27 | |||||||||||||||||||
Total Retail | 4,153 | 4,347 | 8,625 | 8,811 | |||||||||||||||||||
Wholesale | 1,547 | 1,228 | 2,964 | 3,185 | |||||||||||||||||||
Total KWhs | 5,700 | 5,575 | 11,589 | 11,996 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in millions of KWhs) | |||||||||||
Retail: | |||||||||||
Residential | 1,404 | 1,619 | 4,015 | 4,344 | |||||||
Commercial | 1,313 | 1,405 | 3,640 | 3,780 | |||||||
Industrial | 1,978 | 1,996 | 5,793 | 5,876 | |||||||
Miscellaneous | 16 | 15 | 50 | 50 | |||||||
Total Retail | 4,711 | 5,035 | 13,498 | 14,050 | |||||||
Wholesale | 2,807 | 2,613 | 8,567 | 7,038 | |||||||
Total KWhs | 7,518 | 7,648 | 22,065 | 21,088 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 227 | 268 | 1,914 | 2,508 | |||||||||||||||||||
Normal – Heating (b) | 241 | 242 | 2,423 | 2,413 | |||||||||||||||||||
Actual – Cooling (c) | 206 | 344 | 206 | 344 | |||||||||||||||||||
Normal – Cooling (b) | 268 | 261 | 269 | 262 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in degree days) | |||||||||||
Actual - Heating (a) | — | — | 1,816 | 2,196 | |||||||
Normal - Heating (b) | 11 | 10 | 2,430 | 2,449 | |||||||
Actual - Cooling (c) | 504 | 741 | 764 | 1,011 | |||||||
Normal - Cooling (b) | 574 | 571 | 835 | 835 |
Indiana Michigan Power Company and Subsidiaries | ||||||||||||||
Reconciliation of 2022 to 2023 Net Income | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Net Income | $ | 67.2 | $ | 156.7 | ||||||||||
Changes in Gross Margin: | ||||||||||||||
Retail Margins | 9.9 | 50.2 | ||||||||||||
Margins from Off-system Sales | 8.9 | 23.6 | ||||||||||||
Transmission Revenues | (8.9) | (12.6) | ||||||||||||
Other Revenues | (2.2) | 2.8 | ||||||||||||
Total Change in Gross Margin | 7.7 | 64.0 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | (17.2) | (55.2) | ||||||||||||
Depreciation and Amortization | 22.7 | 32.4 | ||||||||||||
Taxes Other Than Income Taxes | 8.0 | 13.7 | ||||||||||||
Other Income | 0.6 | (1.4) | ||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 1.5 | 3.2 | ||||||||||||
Interest Expense | (4.8) | (7.7) | ||||||||||||
Total Change in Expenses and Other | 10.8 | (15.0) | ||||||||||||
Income Tax Expense | (10.9) | (28.1) | ||||||||||||
2023 Net Income | $ | 74.8 | $ | 177.6 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Net Income | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | 75.4 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (4.4 | ) | ||
Transmission Revenues | (6.2 | ) | ||
Other Revenues | (1.5 | ) | ||
Total Change in Gross Margin | (12.1 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (7.4 | ) | ||
Asset Impairments and Other Related Charges | 10.5 | |||
Depreciation and Amortization | (5.9 | ) | ||
Taxes Other Than Income Taxes | (1.4 | ) | ||
Other Income | 0.1 | |||
Interest Expense | (0.8 | ) | ||
Total Change in Expenses and Other | (4.9 | ) | ||
Income Tax Expense | 6.5 | |||
Third Quarter of 2017 | $ | 64.9 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Net Income | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | 201.4 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (11.2 | ) | ||
Off-system Sales | 0.5 | |||
Transmission Revenues | (23.0 | ) | ||
Other Revenues | (2.1 | ) | ||
Total Change in Gross Margin | (35.8 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (39.3 | ) | ||
Asset Impairments and Other Related Charges | 10.5 | |||
Depreciation and Amortization | (11.6 | ) | ||
Taxes Other Than Income Taxes | 3.2 | |||
Other Income | (0.4 | ) | ||
Interest Expense | (6.7 | ) | ||
Total Change in Expenses and Other | (44.3 | ) | ||
Income Tax Expense | 22.5 | |||
Nine Months Ended September 30, 2017 | $ | 143.8 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 580.4 | $ | 604.4 | $ | 1,223.2 | $ | 1,216.4 | ||||||||||||||||||
Sales to AEP Affiliates | 1.9 | 7.1 | 3.1 | 9.1 | ||||||||||||||||||||||
Other Revenues – Affiliated | 14.5 | 16.7 | 30.4 | 25.1 | ||||||||||||||||||||||
Other Revenues – Nonaffiliated | 2.4 | 2.8 | 5.5 | 5.6 | ||||||||||||||||||||||
TOTAL REVENUES | 599.2 | 631.0 | 1,262.2 | 1,256.2 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 93.9 | 110.9 | 193.1 | 216.6 | ||||||||||||||||||||||
Purchased Electricity from AEP Affiliates | 37.1 | 59.6 | 82.2 | 116.7 | ||||||||||||||||||||||
Other Operation | 170.1 | 149.2 | 339.8 | 288.5 | ||||||||||||||||||||||
Maintenance | 57.1 | 60.8 | 115.7 | 111.8 | ||||||||||||||||||||||
Depreciation and Amortization | 111.0 | 133.7 | 236.2 | 268.6 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 20.6 | 28.6 | 40.1 | 53.8 | ||||||||||||||||||||||
TOTAL EXPENSES | 489.8 | 542.8 | 1,007.1 | 1,056.0 | ||||||||||||||||||||||
OPERATING INCOME | 109.4 | 88.2 | 255.1 | 200.2 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Other Income | 3.0 | 2.4 | 3.6 | 5.0 | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 7.7 | 6.2 | 15.7 | 12.5 | ||||||||||||||||||||||
Interest Expense | (35.8) | (31.0) | (69.0) | (61.3) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE (BENEFIT) | 84.3 | 65.8 | 205.4 | 156.4 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | 9.5 | (1.4) | 27.8 | (0.3) | ||||||||||||||||||||||
NET INCOME | $ | 74.8 | $ | 67.2 | $ | 177.6 | $ | 156.7 | ||||||||||||||||||
The common stock of I&M is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUES | ||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 537.0 | $ | 574.7 | $ | 1,527.4 | $ | 1,570.8 | ||||||||
Other Revenues – Affiliated | 17.1 | 19.5 | 48.2 | 68.7 | ||||||||||||
Other Revenues – Nonaffiliated | 3.6 | 3.4 | 9.9 | 13.2 | ||||||||||||
TOTAL REVENUES | 557.7 | 597.6 | 1,585.5 | 1,652.7 | ||||||||||||
EXPENSES | ||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 76.4 | 91.3 | 238.2 | 236.8 | ||||||||||||
Purchased Electricity for Resale | 32.9 | 43.7 | 101.2 | 134.3 | ||||||||||||
Purchased Electricity from AEP Affiliates | 62.4 | 64.5 | 166.2 | 165.9 | ||||||||||||
Other Operation | 140.5 | 138.9 | 434.2 | 413.9 | ||||||||||||
Maintenance | 51.5 | 45.7 | 153.6 | 134.6 | ||||||||||||
Asset Impairments and Other Related Charges | — | 10.5 | — | 10.5 | ||||||||||||
Depreciation and Amortization | 55.0 | 49.1 | 154.8 | 143.2 | ||||||||||||
Taxes Other Than Income Taxes | 23.9 | 22.5 | 68.3 | 71.5 | ||||||||||||
TOTAL EXPENSES | 442.6 | 466.2 | 1,316.5 | 1,310.7 | ||||||||||||
OPERATING INCOME | 115.1 | 131.4 | 269.0 | 342.0 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest Income | 2.4 | 1.7 | 11.5 | 9.1 | ||||||||||||
Allowance for Equity Funds Used During Construction | 3.5 | 4.1 | 8.1 | 10.9 | ||||||||||||
Interest Expense | (27.5 | ) | (26.7 | ) | (83.0 | ) | (76.3 | ) | ||||||||
INCOME BEFORE INCOME TAX EXPENSE | 93.5 | 110.5 | 205.6 | 285.7 | ||||||||||||
Income Tax Expense | 28.6 | 35.1 | 61.8 | 84.3 | ||||||||||||
NET INCOME | $ | 64.9 | $ | 75.4 | $ | 143.8 | $ | 201.4 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Income | $ | 74.8 | $ | 67.2 | $ | 177.6 | $ | 156.7 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $0.1 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(0.2) and $0.2 for the Six Months Ended June 30, 2023 and 2022, Respectively | 0.1 | 0.4 | (0.6) | 0.8 | ||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $0 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(0.6) and $0 for the Six Months Ended June 30, 2023 and 2022, Respectively | (0.3) | (0.1) | (2.2) | (0.2) | ||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (0.2) | 0.3 | (2.8) | 0.6 | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 74.6 | $ | 67.5 | $ | 174.8 | $ | 157.3 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income | $ | 64.9 | $ | 75.4 | $ | 143.8 | $ | 201.4 | ||||||||
OTHER COMPREHENSIVE INCOME, NET OF TAXES | ||||||||||||||||
Cash Flow Hedges, Net of Tax of $0.1 and $0.1 for the Three Months Ended September 30, 2017 and 2016, Respectively, and $0.5 and $0.5 for the Nine Months Ended September 30, 2017 and 2016, Respectively | 0.3 | 0.3 | 1.0 | 1.0 | ||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 65.2 | $ | 75.7 | $ | 144.8 | $ | 202.4 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2021 | $ | 56.6 | $ | 980.9 | $ | 1,748.5 | $ | (1.3) | $ | 2,784.7 | ||||||||||||||||||||||
Common Stock Dividends | (25.0) | (25.0) | ||||||||||||||||||||||||||||||
Net Income | 89.5 | 89.5 | ||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY -MARCH 31, 2022 | 56.6 | 980.9 | 1,813.0 | (1.0) | 2,849.5 | |||||||||||||||||||||||||||
Capital Contribution from Parent | 1.3 | 1.3 | ||||||||||||||||||||||||||||||
Common Stock Dividends | (25.0) | (25.0) | ||||||||||||||||||||||||||||||
Net Income | 67.2 | 67.2 | ||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.3 | 0.3 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - JUNE 30, 2022 | $ | 56.6 | $ | 982.2 | $ | 1,855.2 | $ | (0.7) | $ | 2,893.3 | ||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2022 | $ | 56.6 | $ | 988.8 | $ | 1,963.2 | $ | (0.3) | $ | 3,008.3 | ||||||||||||||||||||||
Common Stock Dividends | (31.2) | (31.2) | ||||||||||||||||||||||||||||||
Net Income | 102.8 | 102.8 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (2.6) | (2.6) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - MARCH 31, 2023 | 56.6 | 988.8 | 2,034.8 | (2.9) | 3,077.3 | |||||||||||||||||||||||||||
Capital Contribution from Parent | 0.1 | 0.1 | ||||||||||||||||||||||||||||||
Common Stock Dividends | (31.3) | (31.3) | ||||||||||||||||||||||||||||||
Net Income | 74.8 | 74.8 | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.2) | (0.2) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY - JUNE 30, 2023 | $ | 56.6 | $ | 988.9 | $ | 2,078.3 | $ | (3.1) | $ | 3,120.7 | ||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2015 | $ | 56.6 | $ | 980.9 | $ | 1,015.6 | $ | (16.7 | ) | $ | 2,036.4 | ||||||||
Common Stock Dividends | (93.8 | ) | (93.8 | ) | |||||||||||||||
Net Income | 201.4 | 201.4 | |||||||||||||||||
Other Comprehensive Income | 1.0 | 1.0 | |||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - SEPTEMBER 30, 2016 | $ | 56.6 | $ | 980.9 | $ | 1,123.2 | $ | (15.7 | ) | $ | 2,145.0 | ||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2016 | $ | 56.6 | $ | 980.9 | $ | 1,130.5 | $ | (16.2 | ) | $ | 2,151.8 | ||||||||
Common Stock Dividends | (93.7 | ) | (93.7 | ) | |||||||||||||||
Net Income | 143.8 | 143.8 | |||||||||||||||||
Other Comprehensive Income | 1.0 | 1.0 | |||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - SEPTEMBER 30, 2017 | $ | 56.6 | $ | 980.9 | $ | 1,180.6 | $ | (15.2 | ) | $ | 2,202.9 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 3.8 | $ | 4.2 | ||||||||||
Advances to Affiliates | 40.5 | 23.0 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 48.9 | 96.6 | ||||||||||||
Affiliated Companies | 113.3 | 104.0 | ||||||||||||
Accrued Unbilled Revenues | 0.8 | 0.6 | ||||||||||||
Miscellaneous | 6.6 | 4.7 | ||||||||||||
Allowance for Uncollectible Accounts | (0.1) | (0.1) | ||||||||||||
Total Accounts Receivable | 169.5 | 205.8 | ||||||||||||
Fuel | 85.6 | 46.5 | ||||||||||||
Materials and Supplies | 201.7 | 188.1 | ||||||||||||
Risk Management Assets | 21.4 | 15.2 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 17.5 | 47.1 | ||||||||||||
Prepayments and Other Current Assets | 44.1 | 41.9 | ||||||||||||
TOTAL CURRENT ASSETS | 584.1 | 571.8 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 5,598.9 | 5,585.1 | ||||||||||||
Transmission | 1,871.5 | 1,842.2 | ||||||||||||
Distribution | 3,131.7 | 3,024.7 | ||||||||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 831.6 | 839.3 | ||||||||||||
Construction Work in Progress | 292.0 | 253.0 | ||||||||||||
Total Property, Plant and Equipment | 11,725.7 | 11,544.3 | ||||||||||||
Accumulated Depreciation, Depletion and Amortization | 4,243.0 | 4,132.8 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 7,482.7 | 7,411.5 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 392.1 | 459.6 | ||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | 3,648.8 | 3,341.2 | ||||||||||||
Operating Lease Assets | 59.3 | 64.3 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 273.2 | 270.5 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 4,373.4 | 4,135.6 | ||||||||||||
TOTAL ASSETS | $ | 12,440.2 | $ | 12,118.9 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 1.3 | $ | 1.2 | ||||
Advances to Affiliates | 12.6 | 12.5 | ||||||
Accounts Receivable: | ||||||||
Customers | 42.1 | 60.2 | ||||||
Affiliated Companies | 42.8 | 51.0 | ||||||
Accrued Unbilled Revenues | 8.4 | 1.5 | ||||||
Miscellaneous | 1.1 | 0.7 | ||||||
Allowance for Uncollectible Accounts | (0.3 | ) | — | |||||
Total Accounts Receivable | 94.1 | 113.4 | ||||||
Fuel | 32.3 | 32.3 | ||||||
Materials and Supplies | 156.5 | 150.8 | ||||||
Risk Management Assets | 11.6 | 3.5 | ||||||
Accrued Tax Benefits | 34.5 | 37.7 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 12.3 | 26.1 | ||||||
Accrued Reimbursement of Spent Nuclear Fuel Costs | 11.0 | 22.1 | ||||||
Prepayments and Other Current Assets | 26.9 | 19.9 | ||||||
TOTAL CURRENT ASSETS | 393.1 | 419.5 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 4,399.9 | 4,056.1 | ||||||
Transmission | 1,491.4 | 1,472.8 | ||||||
Distribution | 2,000.1 | 1,899.3 | ||||||
Other Property, Plant and Equipment (Including Coal Mining and Nuclear Fuel) | 555.9 | 550.2 | ||||||
Construction Work in Progress | 478.9 | 654.2 | ||||||
Total Property, Plant and Equipment | 8,926.2 | 8,632.6 | ||||||
Accumulated Depreciation, Depletion and Amortization | 3,022.5 | 3,005.1 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 5,903.7 | 5,627.5 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 941.0 | 916.6 | ||||||
Spent Nuclear Fuel and Decommissioning Trusts | 2,433.0 | 2,256.2 | ||||||
Long-term Risk Management Assets | 0.5 | — | ||||||
Deferred Charges and Other Noncurrent Assets | 95.9 | 121.5 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 3,470.4 | 3,294.3 | ||||||
TOTAL ASSETS | $ | 9,767.2 | $ | 9,341.3 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | — | $ | 249.9 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 220.8 | 173.4 | ||||||||||||
Affiliated Companies | 89.3 | 121.5 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated (June 30, 2023 and December 31, 2022 Amounts Include $72.1 and $89.6, Respectively, Related to DCC Fuel) | 74.3 | 341.8 | ||||||||||||
Customer Deposits | 50.4 | 48.6 | ||||||||||||
Accrued Taxes | 100.2 | 103.2 | ||||||||||||
Accrued Interest | 42.1 | 36.9 | ||||||||||||
Obligations Under Operating Leases | 16.5 | 16.0 | ||||||||||||
Other Current Liabilities | 84.6 | 105.8 | ||||||||||||
TOTAL CURRENT LIABILITIES | 678.2 | 1,197.1 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 3,389.8 | 2,919.0 | ||||||||||||
Deferred Income Taxes | 1,182.6 | 1,157.0 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,909.5 | 1,702.2 | ||||||||||||
Asset Retirement Obligations | 2,064.9 | 2,027.6 | ||||||||||||
Obligations Under Operating Leases | 43.5 | 48.9 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 51.0 | 58.8 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 8,641.3 | 7,913.5 | ||||||||||||
TOTAL LIABILITIES | 9,319.5 | 9,110.6 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Common Stock – No Par Value: | ||||||||||||||
Authorized – 2,500,000 Shares | ||||||||||||||
Outstanding – 1,400,000 Shares | 56.6 | 56.6 | ||||||||||||
Paid-in Capital | 988.9 | 988.8 | ||||||||||||
Retained Earnings | 2,078.3 | 1,963.2 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (3.1) | (0.3) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 3,120.7 | 3,008.3 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 12,440.2 | $ | 12,118.9 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 177.5 | $ | 215.2 | ||||
Accounts Payable: | ||||||||
General | 168.6 | 179.0 | ||||||
Affiliated Companies | 72.2 | 75.6 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated (September 30, 2017 and December 31, 2016 Amounts Include $83.7 and $130.9, Respectively, Related to DCC Fuel) | 462.1 | 209.3 | ||||||
Risk Management Liabilities | 2.0 | 0.3 | ||||||
Customer Deposits | 37.3 | 34.3 | ||||||
Accrued Taxes | 43.8 | 77.2 | ||||||
Accrued Interest | 14.3 | 31.7 | ||||||
Obligations Under Capital Leases | 7.3 | 9.4 | ||||||
Other Current Liabilities | 114.3 | 123.4 | ||||||
TOTAL CURRENT LIABILITIES | 1,099.4 | 955.4 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 2,196.4 | 2,262.1 | ||||||
Long-term Risk Management Liabilities | 0.2 | 0.8 | ||||||
Deferred Income Taxes | 1,681.8 | 1,527.4 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 1,169.6 | 1,065.5 | ||||||
Asset Retirement Obligations | 1,307.4 | 1,257.9 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 109.5 | 120.4 | ||||||
TOTAL NONCURRENT LIABILITIES | 6,464.9 | 6,234.1 | ||||||
TOTAL LIABILITIES | 7,564.3 | 7,189.5 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Common Stock – No Par Value: | ||||||||
Authorized – 2,500,000 Shares | ||||||||
Outstanding – 1,400,000 Shares | 56.6 | 56.6 | ||||||
Paid-in Capital | 980.9 | 980.9 | ||||||
Retained Earnings | 1,180.6 | 1,130.5 | ||||||
Accumulated Other Comprehensive Income (Loss) | (15.2 | ) | (16.2 | ) | ||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,202.9 | 2,151.8 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 9,767.2 | $ | 9,341.3 |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 177.6 | $ | 156.7 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 236.2 | 268.6 | ||||||||||||
Deferred Income Taxes | (1.9) | 0.3 | ||||||||||||
Amortization (Deferral) of Incremental Nuclear Refueling Outage Expenses, Net | 36.7 | (38.3) | ||||||||||||
Allowance for Equity Funds Used During Construction | (2.8) | (5.4) | ||||||||||||
Mark-to-Market of Risk Management Contracts | (13.7) | (11.6) | ||||||||||||
Amortization of Nuclear Fuel | 50.2 | 39.0 | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 29.6 | (17.5) | ||||||||||||
Change in Other Noncurrent Assets | (7.0) | 3.3 | ||||||||||||
Change in Other Noncurrent Liabilities | (4.6) | 22.2 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | 37.3 | 24.0 | ||||||||||||
Fuel, Materials and Supplies | (52.7) | 4.5 | ||||||||||||
Accounts Payable | 46.8 | 13.6 | ||||||||||||
Accrued Taxes, Net | (3.0) | (2.4) | ||||||||||||
Other Current Assets | (3.6) | 15.2 | ||||||||||||
Other Current Liabilities | (23.4) | (20.1) | ||||||||||||
Net Cash Flows from Operating Activities | 501.7 | 452.1 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (267.1) | (262.5) | ||||||||||||
Change in Advances to Affiliates, Net | (17.5) | (1.0) | ||||||||||||
Purchases of Investment Securities | (1,233.3) | (1,253.2) | ||||||||||||
Sales of Investment Securities | 1,206.3 | 1,229.9 | ||||||||||||
Acquisitions of Nuclear Fuel | (73.9) | (67.7) | ||||||||||||
Other Investing Activities | 3.3 | 3.0 | ||||||||||||
Net Cash Flows Used for Investing Activities | (382.2) | (351.5) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | 0.1 | 1.3 | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 494.9 | 72.8 | ||||||||||||
Change in Advances from Affiliates, Net | (249.9) | (42.8) | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (299.2) | (40.7) | ||||||||||||
Principal Payments for Finance Lease Obligations | (3.8) | (40.1) | ||||||||||||
Dividends Paid on Common Stock | (62.5) | (50.0) | ||||||||||||
Other Financing Activities | 0.5 | 0.4 | ||||||||||||
Net Cash Flows Used for Financing Activities | (119.9) | (99.1) | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (0.4) | 1.5 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 4.2 | 1.3 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 3.8 | $ | 2.8 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 62.1 | $ | 59.2 | ||||||||||
Net Cash Paid (Received) for Income Taxes | 13.8 | (4.9) | ||||||||||||
Noncash Acquisitions Under Finance Leases | 3.2 | 0.4 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 78.1 | 68.2 | ||||||||||||
Acquisition of Nuclear Fuel Included in Current Liabilities as of June 30, | (36.0) | — | ||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 143.8 | $ | 201.4 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 154.8 | 143.2 | ||||||
Deferred Income Taxes | 132.2 | 116.2 | ||||||
Amortization (Deferral) of Incremental Nuclear Refueling Outage Expenses, Net | 15.5 | (17.4 | ) | |||||
Asset Impairments and Other Related Charges | — | 10.5 | ||||||
Allowance for Equity Funds Used During Construction | (8.1 | ) | (10.9 | ) | ||||
Mark-to-Market of Risk Management Contracts | (7.5 | ) | 0.5 | |||||
Amortization of Nuclear Fuel | 104.8 | 109.7 | ||||||
Pension Contribution to Qualified Plan Trust | (13.0 | ) | (12.7 | ) | ||||
Deferred Fuel Over/Under-Recovery, Net | 22.0 | 6.1 | ||||||
Change in Other Noncurrent Assets | (42.1 | ) | — | |||||
Change in Other Noncurrent Liabilities | 40.9 | 30.0 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 19.3 | 17.0 | ||||||
Fuel, Materials and Supplies | (4.1 | ) | (1.1 | ) | ||||
Accounts Payable | 16.6 | (17.9 | ) | |||||
Accrued Taxes, Net | (30.2 | ) | (16.5 | ) | ||||
Other Current Assets | 8.0 | 6.7 | ||||||
Other Current Liabilities | (28.6 | ) | (27.8 | ) | ||||
Net Cash Flows from Operating Activities | 524.3 | 537.0 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (469.2 | ) | (405.1 | ) | ||||
Change in Advances to Affiliates, Net | (0.1 | ) | (0.7 | ) | ||||
Purchases of Investment Securities | (1,842.2 | ) | (2,452.9 | ) | ||||
Sales of Investment Securities | 1,808.6 | 2,427.0 | ||||||
Acquisitions of Nuclear Fuel | (73.2 | ) | (127.6 | ) | ||||
Other Investing Activities | 7.3 | 7.8 | ||||||
Net Cash Flows Used for Investing Activities | (568.8 | ) | (551.5 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt – Nonaffiliated | 411.1 | 482.7 | ||||||
Change in Advances from Affiliates, Net | (37.7 | ) | (268.0 | ) | ||||
Retirement of Long-term Debt – Nonaffiliated | (227.1 | ) | (76.8 | ) | ||||
Principal Payments for Capital Lease Obligations | (8.7 | ) | (29.8 | ) | ||||
Dividends Paid on Common Stock | (93.7 | ) | (93.8 | ) | ||||
Other Financing Activities | 0.7 | 0.7 | ||||||
Net Cash Flows from Financing Activities | 44.6 | 15.0 | ||||||
Net Increase in Cash and Cash Equivalents | 0.1 | 0.5 | ||||||
Cash and Cash Equivalents at Beginning of Period | 1.2 | 1.1 | ||||||
Cash and Cash Equivalents at End of Period | $ | 1.3 | $ | 1.6 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 92.0 | $ | 85.6 | ||||
Net Cash Paid (Received) for Income Taxes | (69.6 | ) | (36.0 | ) | ||||
Noncash Acquisitions Under Capital Leases | 5.9 | 16.8 | ||||||
Construction Expenditures Included in Current Liabilities as of September 30, | 74.5 | 83.4 | ||||||
Acquisition of Nuclear Fuel Included in Current Liabilities as of September 30, | 0.6 | 0.3 | ||||||
Expected Reimbursement for Capital Cost of Spent Nuclear Fuel Dry Cask Storage | 2.8 | 0.1 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 2,828 | 3,058 | 6,562 | 7,192 | |||||||||||||||||||
Commercial | 3,950 | 3,850 | 7,950 | 7,701 | |||||||||||||||||||
Industrial | 3,502 | 3,624 | 6,920 | 7,127 | |||||||||||||||||||
Miscellaneous | 24 | 24 | 54 | 54 | |||||||||||||||||||
Total Retail (a) | 10,304 | 10,556 | 21,486 | 22,074 | |||||||||||||||||||
Wholesale (b) | 428 | 565 | 881 | 1,136 | |||||||||||||||||||
Total KWhs | 10,732 | 11,121 | 22,367 | 23,210 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in millions of KWhs) | |||||||||||
Retail: | |||||||||||
Residential | 3,644 | 4,380 | 10,198 | 11,209 | |||||||
Commercial | 3,806 | 4,114 | 10,789 | 11,158 | |||||||
Industrial | 3,708 | 3,610 | 10,967 | 10,671 | |||||||
Miscellaneous | 28 | 27 | 87 | 89 | |||||||
Total Retail (a) | 11,186 | 12,131 | 32,041 | 33,127 | |||||||
Wholesale (b) | 585 | 654 | 1,749 | 1,389 | |||||||
Total KWhs | 11,771 | 12,785 | 33,790 | 34,516 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 177 | 206 | 1,521 | 2,070 | |||||||||||||||||||
Normal – Heating (b) | 185 | 186 | 2,076 | 2,072 | |||||||||||||||||||
Actual – Cooling (c) | 184 | 359 | 184 | 360 | |||||||||||||||||||
Normal – Cooling (b) | 305 | 298 | 308 | 301 |
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(in degree days) | ||||||||||||
Actual - Heating (a) | — | — | 1,500 | 1,929 | ||||||||
Normal - Heating (b) | 6 | 7 | 2,091 | 2,110 | ||||||||
Actual - Cooling (c) | 642 | 900 | 957 | 1,209 | ||||||||
Normal - Cooling (b) | 670 | 664 | 960 | 956 |
Ohio Power Company and Subsidiaries | ||||||||||||||
Reconciliation of 2022 to 2023 Net Income | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Net Income | $ | 74.8 | $ | 158.0 | ||||||||||
Changes in Gross Margin: | ||||||||||||||
Retail Margins | 13.7 | 34.2 | ||||||||||||
Margins from Off-system Sales | 17.3 | 41.4 | ||||||||||||
Transmission Revenues | 2.0 | 1.1 | ||||||||||||
Other Revenues | (3.3) | (2.4) | ||||||||||||
Total Change in Gross Margin | 29.7 | 74.3 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | (44.8) | (84.9) | ||||||||||||
Depreciation and Amortization | 3.1 | 2.8 | ||||||||||||
Taxes Other Than Income Taxes | 6.8 | (1.5) | ||||||||||||
Other Income | (0.4) | (0.5) | ||||||||||||
Allowance for Equity Funds Used During Construction | (0.5) | (0.7) | ||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 1.0 | 2.0 | ||||||||||||
Interest Expense | (2.1) | (4.0) | ||||||||||||
Total Change in Expenses and Other | (36.9) | (86.8) | ||||||||||||
Income Tax Expense | 0.9 | 1.0 | ||||||||||||
Equity Earnings of Unconsolidated Subsidiaries | (0.8) | (0.8) | ||||||||||||
2023 Net Income | $ | 67.7 | $ | 145.7 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Net Income | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | 99.9 | ||
Changes in Gross Margin: | ||||
Retail Margins | (74.1 | ) | ||
Off-system Sales | (12.0 | ) | ||
Transmission Revenues | (1.8 | ) | ||
Other Revenues | (2.1 | ) | ||
Total Change in Gross Margin | (90.0 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 59.3 | |||
Depreciation and Amortization | 12.1 | |||
Taxes Other Than Income Taxes | 1.5 | |||
Carrying Costs Income | (0.4 | ) | ||
Allowance for Equity Funds Used During Construction | 0.6 | |||
Interest Expense | 1.5 | |||
Total Change in Expenses and Other | 74.6 | |||
Income Tax Expense | (1.9 | ) | ||
Third Quarter of 2017 | $ | 82.6 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Net Income | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | 244.7 | ||
Changes in Gross Margin: | ||||
Retail Margins | (153.8 | ) | ||
Off-system Sales | (27.9 | ) | ||
Transmission Revenues | (2.9 | ) | ||
Other Revenues | (0.3 | ) | ||
Total Change in Gross Margin | (184.9 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 144.3 | |||
Depreciation and Amortization | 23.3 | |||
Taxes Other Than Income Taxes | (2.1 | ) | ||
Interest Income | 1.0 | |||
Carrying Costs Income | (1.0 | ) | ||
Allowance for Equity Funds Used During Construction | 0.4 | |||
Interest Expense | 10.9 | |||
Total Change in Expenses and Other | 176.8 | |||
Income Tax Expense | (5.5 | ) | ||
Nine Months Ended September 30, 2017 | $ | 231.1 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electricity, Transmission and Distribution | $ | 868.8 | $ | 817.2 | $ | 1,890.6 | $ | 1,641.4 | ||||||||||||||||||
Sales to AEP Affiliates | 8.2 | 3.9 | 15.8 | 7.6 | ||||||||||||||||||||||
Other Revenues | 2.1 | 1.8 | 7.3 | 3.9 | ||||||||||||||||||||||
TOTAL REVENUES | 879.1 | 822.9 | 1,913.7 | 1,652.9 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity for Resale | 267.6 | 249.2 | 660.2 | 475.5 | ||||||||||||||||||||||
Purchased Electricity from AEP Affiliates | 11.6 | 3.5 | 11.6 | 9.8 | ||||||||||||||||||||||
Other Operation | 265.4 | 223.3 | 539.2 | 460.9 | ||||||||||||||||||||||
Maintenance | 51.2 | 48.5 | 95.5 | 88.9 | ||||||||||||||||||||||
Depreciation and Amortization | 68.2 | 71.3 | 143.4 | 146.2 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 114.2 | 121.0 | 249.5 | 248.0 | ||||||||||||||||||||||
TOTAL EXPENSES | 778.2 | 716.8 | 1,699.4 | 1,429.3 | ||||||||||||||||||||||
OPERATING INCOME | 100.9 | 106.1 | 214.3 | 223.6 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Other Income | 0.2 | 0.6 | 0.3 | 0.8 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 2.9 | 3.4 | 5.7 | 6.4 | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 6.5 | 5.5 | 13.0 | 11.0 | ||||||||||||||||||||||
Interest Expense | (31.9) | (29.8) | (63.0) | (59.0) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS | 78.6 | 85.8 | 170.3 | 182.8 | ||||||||||||||||||||||
Income Tax Expense | 10.9 | 11.8 | 24.6 | 25.6 | ||||||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiaries | — | 0.8 | — | 0.8 | ||||||||||||||||||||||
NET INCOME | $ | 67.7 | $ | 74.8 | $ | 145.7 | $ | 158.0 | ||||||||||||||||||
The common stock of OPCo is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUES | ||||||||||||||||
Electricity, Transmission and Distribution | $ | 736.0 | $ | 864.4 | $ | 2,127.8 | $ | 2,349.2 | ||||||||
Sales to AEP Affiliates | 4.6 | 5.5 | 19.4 | 11.7 | ||||||||||||
Other Revenues | 1.4 | 1.4 | 4.8 | 4.8 | ||||||||||||
TOTAL REVENUES | 742.0 | 871.3 | 2,152.0 | 2,365.7 | ||||||||||||
EXPENSES | ||||||||||||||||
Purchased Electricity for Resale | 180.7 | 203.4 | 525.4 | 516.1 | ||||||||||||
Purchased Electricity from AEP Affiliates | 26.7 | 35.9 | 83.4 | 121.4 | ||||||||||||
Amortization of Generation Deferrals | 58.7 | 66.1 | 172.9 | 173.0 | ||||||||||||
Other Operation | 125.8 | 184.2 | 377.6 | 525.9 | ||||||||||||
Maintenance | 37.9 | 38.8 | 108.4 | 104.4 | ||||||||||||
Depreciation and Amortization | 57.3 | 69.4 | 165.7 | 189.0 | ||||||||||||
Taxes Other Than Income Taxes | 100.4 | 101.9 | 293.8 | 291.7 | ||||||||||||
TOTAL EXPENSES | 587.5 | 699.7 | 1,727.2 | 1,921.5 | ||||||||||||
OPERATING INCOME | 154.5 | 171.6 | 424.8 | 444.2 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest Income | 0.7 | 0.7 | 4.0 | 3.0 | ||||||||||||
Carrying Costs Income | 0.5 | 0.9 | 3.0 | 4.0 | ||||||||||||
Allowance for Equity Funds Used During Construction | 0.9 | 0.3 | 4.1 | 3.7 | ||||||||||||
Interest Expense | (25.7 | ) | (27.2 | ) | (76.8 | ) | (87.7 | ) | ||||||||
INCOME BEFORE INCOME TAX EXPENSE | 130.9 | 146.3 | 359.1 | 367.2 | ||||||||||||
Income Tax Expense | 48.3 | 46.4 | 128.0 | 122.5 | ||||||||||||
NET INCOME | $ | 82.6 | $ | 99.9 | $ | 231.1 | $ | 244.7 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income | $ | 82.6 | $ | 99.9 | $ | 231.1 | $ | 244.7 | ||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended September 30, 2017 and 2016, Respectively, and $(0.4) and $(0.5) for the Nine Months Ended September 30, 2017 and 2016, Respectively | (0.3 | ) | (0.2 | ) | (0.8 | ) | (1.0 | ) | ||||||||
TOTAL COMPREHENSIVE INCOME | $ | 82.3 | $ | 99.7 | $ | 230.3 | $ | 243.7 |
Common Stock | Paid-in Capital | Retained Earnings | Total | |||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2021 | $ | 321.2 | $ | 838.8 | $ | 1,686.3 | $ | 2,846.3 | ||||||||||||||||||||||||
Common Stock Dividends | (15.0) | (15.0) | ||||||||||||||||||||||||||||||
Net Income | 83.2 | 83.2 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2022 | 321.2 | 838.8 | 1,754.5 | 2,914.5 | ||||||||||||||||||||||||||||
Capital Contribution from Parent | 0.7 | 0.7 | ||||||||||||||||||||||||||||||
Common Stock Dividends | (15.0) | (15.0) | ||||||||||||||||||||||||||||||
Net Income | 74.8 | 74.8 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2022 | $ | 321.2 | $ | 839.5 | $ | 1,814.3 | $ | 2,975.0 | ||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – DECEMBER 31, 2022 | $ | 321.2 | $ | 837.8 | $ | 1,929.1 | $ | 3,088.1 | ||||||||||||||||||||||||
Capital Contribution from Parent | 50.0 | 50.0 | ||||||||||||||||||||||||||||||
Net Income | 78.0 | 78.0 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – MARCH 31, 2023 | 321.2 | 887.8 | 2,007.1 | 3,216.1 | ||||||||||||||||||||||||||||
Capital Contribution from Parent | 125.0 | 125.0 | ||||||||||||||||||||||||||||||
Net Income | 67.7 | 67.7 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY – JUNE 30, 2023 | $ | 321.2 | $ | 1,012.8 | $ | 2,074.8 | $ | 3,408.8 | ||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2015 | $ | 321.2 | $ | 838.8 | $ | 822.3 | $ | 4.3 | $ | 1,986.6 | |||||||||
Common Stock Dividends | (150.0 | ) | (150.0 | ) | |||||||||||||||
Net Income | 244.7 | 244.7 | |||||||||||||||||
Other Comprehensive Loss | (1.0 | ) | (1.0 | ) | |||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - SEPTEMBER 30, 2016 | $ | 321.2 | $ | 838.8 | $ | 917.0 | $ | 3.3 | $ | 2,080.3 | |||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2016 | $ | 321.2 | $ | 838.8 | $ | 954.5 | $ | 3.0 | $ | 2,117.5 | |||||||||
Common Stock Dividends | (130.0 | ) | (130.0 | ) | |||||||||||||||
Net Income | 231.1 | 231.1 | |||||||||||||||||
Other Comprehensive Loss | (0.8 | ) | (0.8 | ) | |||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - SEPTEMBER 30, 2017 | $ | 321.2 | $ | 838.8 | $ | 1,055.6 | $ | 2.2 | $ | 2,217.8 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 9.7 | $ | 9.6 | ||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 106.0 | 119.9 | ||||||||||||
Affiliated Companies | 126.5 | 100.9 | ||||||||||||
Accrued Unbilled Revenues | — | 17.8 | ||||||||||||
Miscellaneous | 0.4 | 0.1 | ||||||||||||
Allowance for Uncollectible Accounts | — | (0.1) | ||||||||||||
Total Accounts Receivable | 232.9 | 238.6 | ||||||||||||
Materials and Supplies | 139.3 | 109.5 | ||||||||||||
Renewable Energy Credits | 28.9 | 35.0 | ||||||||||||
Prepayments and Other Current Assets | 15.8 | 21.7 | ||||||||||||
TOTAL CURRENT ASSETS | 426.6 | 414.4 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Transmission | 3,274.0 | 3,198.6 | ||||||||||||
Distribution | 6,633.3 | 6,450.3 | ||||||||||||
Other Property, Plant and Equipment | 1,071.3 | 1,051.4 | ||||||||||||
Construction Work in Progress | 651.3 | 474.3 | ||||||||||||
Total Property, Plant and Equipment | 11,629.9 | 11,174.6 | ||||||||||||
Accumulated Depreciation and Amortization | 2,627.0 | 2,565.3 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 9,002.9 | 8,609.3 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 406.9 | 327.3 | ||||||||||||
Operating Lease Assets | 71.0 | 73.8 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 363.3 | 578.3 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 841.2 | 979.4 | ||||||||||||
TOTAL ASSETS | $ | 10,270.7 | $ | 10,003.1 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 3.1 | $ | 3.1 | ||||
Restricted Cash for Securitized Funding | 15.6 | 27.2 | ||||||
Advances to Affiliates | — | 24.2 | ||||||
Accounts Receivable: | ||||||||
Customers | 27.1 | 51.1 | ||||||
Affiliated Companies | 72.0 | 66.3 | ||||||
Accrued Unbilled Revenues | 24.2 | 21.0 | ||||||
Miscellaneous | 1.1 | 0.9 | ||||||
Allowance for Uncollectible Accounts | (0.4 | ) | (0.4 | ) | ||||
Total Accounts Receivable | 124.0 | 138.9 | ||||||
Materials and Supplies | 42.8 | 45.9 | ||||||
Emission Allowances | 23.6 | 20.4 | ||||||
Risk Management Assets | 0.2 | 0.2 | ||||||
Accrued Tax Benefits | 15.4 | 0.1 | ||||||
Prepayments and Other Current Assets | 28.1 | 10.9 | ||||||
TOTAL CURRENT ASSETS | 252.8 | 270.9 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Transmission | 2,349.5 | 2,319.2 | ||||||
Distribution | 4,575.0 | 4,457.2 | ||||||
Other Property, Plant and Equipment | 487.9 | 443.7 | ||||||
Construction Work in Progress | 350.7 | 221.5 | ||||||
Total Property, Plant and Equipment | 7,763.1 | 7,441.6 | ||||||
Accumulated Depreciation and Amortization | 2,182.8 | 2,116.0 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 5,580.3 | 5,325.6 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Notes Receivable – Affiliated | 32.3 | 32.3 | ||||||
Regulatory Assets | 1,014.7 | 1,107.5 | ||||||
Securitized Assets | 43.7 | 62.1 | ||||||
Deferred Charges and Other Noncurrent Assets | 131.2 | 295.5 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 1,221.9 | 1,497.4 | ||||||
TOTAL ASSETS | $ | 7,055.0 | $ | 7,093.9 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 72.3 | $ | 172.9 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 322.6 | 337.3 | ||||||||||||
Affiliated Companies | 153.5 | 126.1 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | — | 0.1 | ||||||||||||
Risk Management Liabilities | 6.3 | 1.8 | ||||||||||||
Customer Deposits | 59.5 | 96.5 | ||||||||||||
Accrued Taxes | 441.8 | 733.1 | ||||||||||||
Obligations Under Operating Leases | 13.5 | 13.5 | ||||||||||||
Other Current Liabilities | 158.5 | 154.2 | ||||||||||||
TOTAL CURRENT LIABILITIES | 1,228.0 | 1,635.5 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 3,365.6 | 2,970.2 | ||||||||||||
Long-term Risk Management Liabilities | 47.7 | 37.9 | ||||||||||||
Deferred Income Taxes | 1,123.4 | 1,101.1 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 992.6 | 1,044.0 | ||||||||||||
Obligations Under Operating Leases | 57.8 | 60.3 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 46.8 | 66.0 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 5,633.9 | 5,279.5 | ||||||||||||
TOTAL LIABILITIES | 6,861.9 | 6,915.0 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Common Stock –No Par Value: | ||||||||||||||
Authorized – 40,000,000 Shares | ||||||||||||||
Outstanding – 27,952,473 Shares | 321.2 | 321.2 | ||||||||||||
Paid-in Capital | 1,012.8 | 837.8 | ||||||||||||
Retained Earnings | 2,074.8 | 1,929.1 | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 3,408.8 | 3,088.1 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 10,270.7 | $ | 10,003.1 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 167.6 | $ | — | ||||
Accounts Payable: | ||||||||
General | 157.8 | 175.4 | ||||||
Affiliated Companies | 95.3 | 95.6 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated (September 30, 2017 and December 31, 2016 Amounts Include $47 and $46.3, Respectively, Related to Ohio Phase-in-Recovery Funding) | 397.0 | 46.4 | ||||||
Risk Management Liabilities | 7.6 | 5.9 | ||||||
Customer Deposits | 62.9 | 71.0 | ||||||
Accrued Taxes | 251.3 | 520.3 | ||||||
Accrued Interest | 38.3 | 31.2 | ||||||
Other Current Liabilities | 166.3 | 236.0 | ||||||
TOTAL CURRENT LIABILITIES | 1,344.1 | 1,181.8 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated (September 30, 2017 and December 31, 2016 Amounts Include $47.5 and $93.9, Respectively, Related to Ohio Phase-in-Recovery Funding) | 1,321.9 | 1,717.5 | ||||||
Long-term Risk Management Liabilities | 130.9 | 113.1 | ||||||
Deferred Income Taxes | 1,460.7 | 1,346.1 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 519.3 | 506.2 | ||||||
Employee Benefits and Pension Obligations | 19.3 | 27.8 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 41.0 | 83.9 | ||||||
TOTAL NONCURRENT LIABILITIES | 3,493.1 | 3,794.6 | ||||||
TOTAL LIABILITIES | 4,837.2 | 4,976.4 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Common Stock – No Par Value: | ||||||||
Authorized – 40,000,000 Shares | ||||||||
Outstanding – 27,952,473 Shares | 321.2 | 321.2 | ||||||
Paid-in Capital | 838.8 | 838.8 | ||||||
Retained Earnings | 1,055.6 | 954.5 | ||||||
Accumulated Other Comprehensive Income (Loss) | 2.2 | 3.0 | ||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,217.8 | 2,117.5 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 7,055.0 | $ | 7,093.9 |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 145.7 | $ | 158.0 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 143.4 | 146.2 | ||||||||||||
Deferred Income Taxes | 7.1 | 13.8 | ||||||||||||
Allowance for Equity Funds Used During Construction | (5.7) | (6.4) | ||||||||||||
Mark-to-Market of Risk Management Contracts | 14.3 | (44.3) | ||||||||||||
Property Taxes | 193.9 | 178.6 | ||||||||||||
Change in Other Noncurrent Assets | (88.0) | (53.1) | ||||||||||||
Change in Other Noncurrent Liabilities | (37.7) | 44.3 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | 8.2 | (35.8) | ||||||||||||
Materials and Supplies | (2.5) | (10.1) | ||||||||||||
Accounts Payable | 30.8 | 78.2 | ||||||||||||
Customer Deposits | (37.0) | 142.5 | ||||||||||||
Accrued Taxes, Net | (289.9) | (246.8) | ||||||||||||
Other Current Assets | 2.3 | 12.2 | ||||||||||||
Other Current Liabilities | (15.3) | 35.6 | ||||||||||||
Net Cash Flows from Operating Activities | 69.6 | 412.9 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (547.7) | (376.4) | ||||||||||||
Change in Advances to Affiliates, Net | — | (14.0) | ||||||||||||
Other Investing Activities | 11.1 | 12.6 | ||||||||||||
Net Cash Flows Used for Investing Activities | (536.6) | (377.8) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | 175.0 | 0.7 | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 395.1 | — | ||||||||||||
Change in Advances from Affiliates, Net | (100.6) | — | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (0.6) | (0.1) | ||||||||||||
Principal Payments for Finance Lease Obligations | (2.4) | (2.4) | ||||||||||||
Dividends Paid on Common Stock | — | (30.0) | ||||||||||||
Other Financing Activities | 0.6 | 0.6 | ||||||||||||
Net Cash Flows from (Used for) Financing Activities | 467.1 | (31.2) | ||||||||||||
Net Increase in Cash and Cash Equivalents | 0.1 | 3.9 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 9.6 | 3.0 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 9.7 | $ | 6.9 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 57.6 | $ | 56.8 | ||||||||||
Net Cash Paid for Income Taxes | 9.2 | 21.4 | ||||||||||||
Noncash Acquisitions Under Finance Leases | 2.1 | 1.2 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 87.4 | 92.9 | ||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 231.1 | $ | 244.7 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 165.7 | 189.0 | ||||||
Amortization of Generation Deferrals | 172.9 | 173.0 | ||||||
Deferred Income Taxes | 117.5 | 28.6 | ||||||
Carrying Costs Income | (3.0 | ) | (4.0 | ) | ||||
Allowance for Equity Funds Used During Construction | (4.1 | ) | (3.7 | ) | ||||
Mark-to-Market of Risk Management Contracts | 19.5 | 124.7 | ||||||
Pension Contributions to Qualified Plan Trust | (8.2 | ) | (7.1 | ) | ||||
Property Taxes | 175.9 | 169.1 | ||||||
Provision for Refund – Global Settlement, Net | (93.3 | ) | — | |||||
Change in Other Noncurrent Assets | (126.7 | ) | (124.9 | ) | ||||
Change in Other Noncurrent Liabilities | 43.4 | 17.2 | ||||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 14.9 | 8.8 | ||||||
Materials and Supplies | (7.1 | ) | 0.5 | |||||
Accounts Payable | (31.2 | ) | 2.0 | |||||
Accrued Taxes, Net | (284.3 | ) | (291.1 | ) | ||||
Other Current Assets | (17.3 | ) | (5.7 | ) | ||||
Other Current Liabilities | (34.8 | ) | (46.8 | ) | ||||
Net Cash Flows from Operating Activities | 330.9 | 474.3 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (362.5 | ) | (276.4 | ) | ||||
Change in Restricted Cash for Securitized Funding | 11.6 | 11.6 | ||||||
Change in Advances to Affiliates, Net | 24.2 | 330.9 | ||||||
Other Investing Activities | 6.9 | 9.0 | ||||||
Net Cash Flows from (Used for) Investing Activities | (319.8 | ) | 75.1 | |||||
FINANCING ACTIVITIES | ||||||||
Change in Advances from Affiliates, Net | 167.6 | — | ||||||
Retirement of Long-term Debt – Nonaffiliated | (46.4 | ) | (395.9 | ) | ||||
Principal Payments for Capital Lease Obligations | (3.1 | ) | (3.1 | ) | ||||
Dividends Paid on Common Stock | (130.0 | ) | (150.0 | ) | ||||
Other Financing Activities | 0.8 | 0.5 | ||||||
Net Cash Flows Used for Financing Activities | (11.1 | ) | (548.5 | ) | ||||
Net Increase in Cash and Cash Equivalents | — | 0.9 | ||||||
Cash and Cash Equivalents at Beginning of Period | 3.1 | 3.1 | ||||||
Cash and Cash Equivalents at End of Period | $ | 3.1 | $ | 4.0 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 68.1 | $ | 78.2 | ||||
Net Cash Paid for Income Taxes | 69.6 | 178.0 | ||||||
Noncash Acquisitions Under Capital Leases | 3.6 | 2.4 | ||||||
Construction Expenditures Included in Current Liabilities as of September 30, | 56.8 | 30.0 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 1,358 | 1,469 | 2,746 | 3,027 | |||||||||||||||||||
Commercial | 1,291 | 1,309 | 2,395 | 2,429 | |||||||||||||||||||
Industrial | 1,507 | 1,565 | 2,946 | 2,951 | |||||||||||||||||||
Miscellaneous | 317 | 333 | 592 | 616 | |||||||||||||||||||
Total Retail | 4,473 | 4,676 | 8,679 | 9,023 | |||||||||||||||||||
Wholesale | 46 | 262 | 73 | 605 | |||||||||||||||||||
Total KWhs | 4,519 | 4,938 | 8,752 | 9,628 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in millions of KWhs) | |||||||||||
Retail: | |||||||||||
Residential | 1,992 | 2,184 | 4,662 | 4,925 | |||||||
Commercial | 1,488 | 1,529 | 3,926 | 4,001 | |||||||
Industrial | 1,472 | 1,494 | 4,249 | 4,162 | |||||||
Miscellaneous | 353 | 369 | 942 | 955 | |||||||
Total Retail | 5,305 | 5,576 | 13,779 | 14,043 | |||||||
Wholesale | 82 | 113 | 309 | 226 | |||||||
Total KWhs | 5,387 | 5,689 | 14,088 | 14,269 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 28 | 19 | 899 | 1,153 | |||||||||||||||||||
Normal – Heating (b) | 45 | 45 | 1,100 | 1,085 | |||||||||||||||||||
Actual – Cooling (c) | 638 | 786 | 648 | 797 | |||||||||||||||||||
Normal – Cooling (b) | 660 | 650 | 677 | 667 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in degree days) | |||||||||||
Actual - Heating (a) | — | — | 682 | 782 | |||||||
Normal - Heating (b) | 1 | 1 | 1,104 | 1,105 | |||||||
Actual - Cooling (c) | 1,313 | 1,535 | 2,001 | 2,247 | |||||||
Normal - Cooling (b) | 1,395 | 1,390 | 2,064 | 2,055 |
Public Service Company of Oklahoma | ||||||||||||||
Reconciliation of 2022 to 2023 Net Income | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Net Income | $ | 43.0 | $ | 48.8 | ||||||||||
Changes in Gross Margin: | ||||||||||||||
Retail Margins (a) | 0.8 | 16.1 | ||||||||||||
Transmission Revenues | 0.3 | 1.9 | ||||||||||||
Other Revenues | (0.5) | 0.6 | ||||||||||||
Total Change in Gross Margin | 0.6 | 18.6 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | 11.2 | 4.5 | ||||||||||||
Depreciation and Amortization | (4.4) | (12.8) | ||||||||||||
Taxes Other Than Income Taxes | (1.2) | (4.3) | ||||||||||||
Interest Income | (2.4) | (3.1) | ||||||||||||
Allowance for Equity Funds Used During Construction | 1.2 | 1.6 | ||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 0.3 | 0.8 | ||||||||||||
Interest Expense | (5.5) | (11.8) | ||||||||||||
Total Change in Expenses and Other | (0.8) | (25.1) | ||||||||||||
Income Tax Benefit | 8.2 | 6.4 | ||||||||||||
2023 Net Income | $ | 51.0 | $ | 48.7 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Net Income | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | 52.8 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (15.6 | ) | ||
Off-system Sales | (0.7 | ) | ||
Transmission Revenues | 4.1 | |||
Other Revenues | (2.0 | ) | ||
Total Change in Gross Margin | (14.2 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (2.2 | ) | ||
Depreciation and Amortization | 5.5 | |||
Taxes Other Than Income Taxes | (0.7 | ) | ||
Interest Income | (0.2 | ) | ||
Allowance for Equity Funds Used During Construction | (1.1 | ) | ||
Interest Expense | 1.7 | |||
Total Change in Expenses and Other | 3.0 | |||
Income Tax Expense | 4.6 | |||
Third Quarter of 2017 | $ | 46.2 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Net Income | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | 97.4 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (17.6 | ) | ||
Off-system Sales | (0.9 | ) | ||
Transmission Revenues | 4.8 | |||
Other Revenues | (4.6 | ) | ||
Total Change in Gross Margin | (18.3 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | (31.1 | ) | ||
Depreciation and Amortization | 12.1 | |||
Taxes Other Than Income Taxes | (2.2 | ) | ||
Interest Income | (0.4 | ) | ||
Allowance for Equity Funds Used During Construction | (4.5 | ) | ||
Interest Expense | 4.4 | |||
Total Change in Expenses and Other | (21.7 | ) | ||
Income Tax Expense | 14.0 | |||
Nine Months Ended September 30, 2017 | $ | 71.4 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 472.4 | $ | 440.0 | $ | 887.2 | $ | 826.4 | ||||||||||||||||||
Sales to AEP Affiliates | 0.1 | 0.8 | 0.8 | 1.4 | ||||||||||||||||||||||
Other Revenues | 2.2 | 2.1 | 3.7 | 2.7 | ||||||||||||||||||||||
TOTAL REVENUES | 474.7 | 442.9 | 891.7 | 830.5 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 223.1 | 191.9 | 423.2 | 380.6 | ||||||||||||||||||||||
Other Operation | 87.5 | 95.9 | 179.6 | 184.7 | ||||||||||||||||||||||
Maintenance | 28.5 | 31.3 | 57.3 | 56.7 | ||||||||||||||||||||||
Depreciation and Amortization | 64.9 | 60.5 | 126.0 | 113.2 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 15.0 | 13.8 | 32.3 | 28.0 | ||||||||||||||||||||||
TOTAL EXPENSES | 419.0 | 393.4 | 818.4 | 763.2 | ||||||||||||||||||||||
OPERATING INCOME | 55.7 | 49.5 | 73.3 | 67.3 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income | 0.1 | 2.5 | 1.1 | 4.2 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 1.4 | 0.2 | 2.9 | 1.3 | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.5 | 3.2 | 7.1 | 6.3 | ||||||||||||||||||||||
Interest Expense | (26.8) | (21.3) | (52.0) | (40.2) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX BENEFIT | 33.9 | 34.1 | 32.4 | 38.9 | ||||||||||||||||||||||
Income Tax Benefit | (17.1) | (8.9) | (16.3) | (9.9) | ||||||||||||||||||||||
NET INCOME | $ | 51.0 | $ | 43.0 | $ | 48.7 | $ | 48.8 | ||||||||||||||||||
The common stock of PSO is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUES | ||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 440.6 | $ | 400.9 | $ | 1,085.1 | $ | 971.3 | ||||||||
Sales to AEP Affiliates | 1.1 | 0.1 | 3.2 | 2.0 | ||||||||||||
Other Revenues | 1.1 | 0.7 | 3.3 | 2.9 | ||||||||||||
TOTAL REVENUES | 442.8 | 401.7 | 1,091.6 | 976.2 | ||||||||||||
EXPENSES | ||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 77.9 | 16.4 | 115.8 | 43.0 | ||||||||||||
Purchased Electricity for Resale | 127.8 | 130.8 | 379.8 | 315.3 | ||||||||||||
Purchased Electricity from AEP Affiliates | — | 3.2 | — | 3.6 | ||||||||||||
Other Operation | 83.6 | 81.0 | 226.3 | 211.8 | ||||||||||||
Maintenance | 25.2 | 25.6 | 88.2 | 71.6 | ||||||||||||
Depreciation and Amortization | 31.7 | 37.2 | 97.8 | 109.9 | ||||||||||||
Taxes Other Than Income Taxes | 9.8 | 9.1 | 30.0 | 27.8 | ||||||||||||
TOTAL EXPENSES | 356.0 | 303.3 | 937.9 | 783.0 | ||||||||||||
OPERATING INCOME | 86.8 | 98.4 | 153.7 | 193.2 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest Income | — | 0.2 | 0.1 | 0.5 | ||||||||||||
Allowance for Equity Funds Used During Construction | — | 1.1 | 0.4 | 4.9 | ||||||||||||
Interest Expense | (13.2 | ) | (14.9 | ) | (40.2 | ) | (44.6 | ) | ||||||||
INCOME BEFORE INCOME TAX EXPENSE | 73.6 | 84.8 | 114.0 | 154.0 | ||||||||||||
Income Tax Expense | 27.4 | 32.0 | 42.6 | 56.6 | ||||||||||||
NET INCOME | $ | 46.2 | $ | 52.8 | $ | 71.4 | $ | 97.4 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Income | $ | 51.0 | $ | 43.0 | $ | 48.7 | $ | 48.8 | ||||||||||||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(0.4) and $0 for the Six Months Ended June 30, 2023 and 2022, Respectively | — | — | (1.5) | — | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | $ | 51.0 | $ | 43.0 | $ | 47.2 | $ | 48.8 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Income | $ | 46.2 | $ | 52.8 | $ | 71.4 | $ | 97.4 | ||||||||
OTHER COMPREHENSIVE LOSS, NET OF TAXES | ||||||||||||||||
Cash Flow Hedges, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended September 30, 2017 and 2016, Respectively, and $(0.3) and $(0.3) for the Nine Months Ended September 30, 2017 and 2016, Respectively | (0.2 | ) | (0.2 | ) | (0.6 | ) | (0.6 | ) | ||||||||
TOTAL COMPREHENSIVE INCOME | $ | 46.0 | $ | 52.6 | $ | 70.8 | $ | 96.8 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – DECEMBER 31, 2021 | $ | 157.2 | $ | 1,039.0 | $ | 1,095.4 | $ | — | $ | 2,291.6 | ||||||||||||||||||||||
Net Income | 5.8 | 5.8 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – MARCH 31, 2022 | 157.2 | 1,039.0 | 1,101.2 | — | 2,297.4 | |||||||||||||||||||||||||||
Capital Contribution from Parent | 2.2 | 2.2 | ||||||||||||||||||||||||||||||
Net Income | 43.0 | 43.0 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – JUNE 30, 2022 | $ | 157.2 | $ | 1,041.2 | $ | 1,144.2 | $ | — | $ | 2,342.6 | ||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – DECEMBER 31, 2022 | $ | 157.2 | $ | 1,042.6 | $ | 1,218.0 | $ | 1.3 | $ | 2,419.1 | ||||||||||||||||||||||
Common Stock Dividends | (17.5) | (17.5) | ||||||||||||||||||||||||||||||
Net Loss | (2.3) | (2.3) | ||||||||||||||||||||||||||||||
Other Comprehensive Loss | (1.5) | (1.5) | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – MARCH 31, 2023 | 157.2 | 1,042.6 | 1,198.2 | (0.2) | 2,397.8 | |||||||||||||||||||||||||||
Return of Capital to Parent | (2.5) | (2.5) | ||||||||||||||||||||||||||||||
Net Income | 51.0 | 51.0 | ||||||||||||||||||||||||||||||
TOTAL COMMON SHAREHOLDER'S EQUITY – JUNE 30, 2023 | $ | 157.2 | $ | 1,040.1 | $ | 1,249.2 | $ | (0.2) | $ | 2,446.3 | ||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2015 | $ | 157.2 | $ | 364.0 | $ | 594.5 | $ | 4.2 | $ | 1,119.9 | |||||||||
Net Income | 97.4 | 97.4 | |||||||||||||||||
Other Comprehensive Loss | (0.6 | ) | (0.6 | ) | |||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - SEPTEMBER 30, 2016 | $ | 157.2 | $ | 364.0 | $ | 691.9 | $ | 3.6 | $ | 1,216.7 | |||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - DECEMBER 31, 2016 | $ | 157.2 | $ | 364.0 | $ | 689.5 | $ | 3.4 | $ | 1,214.1 | |||||||||
Common Stock Dividends | (52.5 | ) | (52.5 | ) | |||||||||||||||
Net Income | 71.4 | 71.4 | |||||||||||||||||
Other Comprehensive Loss | (0.6 | ) | (0.6 | ) | |||||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY - SEPTEMBER 30, 2017 | $ | 157.2 | $ | 364.0 | $ | 708.4 | $ | 2.8 | $ | 1,232.4 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents | $ | 4.6 | $ | 4.0 | ||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 80.5 | 70.1 | ||||||||||||
Affiliated Companies | 67.1 | 52.2 | ||||||||||||
Miscellaneous | 0.5 | 0.8 | ||||||||||||
Total Accounts Receivable | 148.1 | 123.1 | ||||||||||||
Fuel | 20.6 | 11.6 | ||||||||||||
Materials and Supplies | 105.8 | 111.1 | ||||||||||||
Risk Management Assets | 44.8 | 25.3 | ||||||||||||
Accrued Tax Benefits | 39.0 | 16.1 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 178.7 | 178.7 | ||||||||||||
Prepayments and Other Current Assets | 22.8 | 21.6 | ||||||||||||
TOTAL CURRENT ASSETS | 564.4 | 491.5 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 2,675.7 | 2,394.8 | ||||||||||||
Transmission | 1,182.7 | 1,164.4 | ||||||||||||
Distribution | 3,309.0 | 3,216.4 | ||||||||||||
Other Property, Plant and Equipment | 492.7 | 469.3 | ||||||||||||
Construction Work in Progress | 295.2 | 219.3 | ||||||||||||
Total Property, Plant and Equipment | 7,955.3 | 7,464.2 | ||||||||||||
Accumulated Depreciation and Amortization | 2,011.0 | 1,837.7 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 5,944.3 | 5,626.5 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 570.0 | 653.7 | ||||||||||||
Employee Benefits and Pension Assets | 70.0 | 67.3 | ||||||||||||
Operating Lease Assets | 114.9 | 106.1 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 50.4 | 20.8 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 805.3 | 847.9 | ||||||||||||
TOTAL ASSETS | $ | 7,314.0 | $ | 6,965.9 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents | $ | 2.1 | $ | 1.5 | ||||
Accounts Receivable: | ||||||||
Customers | 17.8 | 27.5 | ||||||
Affiliated Companies | 31.8 | 26.8 | ||||||
Miscellaneous | 3.2 | 4.4 | ||||||
Allowance for Uncollectible Accounts | (0.1 | ) | (0.2 | ) | ||||
Total Accounts Receivable | 52.7 | 58.5 | ||||||
Fuel | 11.9 | 22.9 | ||||||
Materials and Supplies | 42.1 | 44.6 | ||||||
Risk Management Assets | 4.7 | 0.8 | ||||||
Accrued Tax Benefits | 27.0 | 27.3 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 36.9 | 33.8 | ||||||
Prepayments and Other Current Assets | 14.4 | 6.0 | ||||||
TOTAL CURRENT ASSETS | 191.8 | 195.4 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 1,573.8 | 1,559.3 | ||||||
Transmission | 852.5 | 832.8 | ||||||
Distribution | 2,414.1 | 2,322.4 | ||||||
Other Property, Plant and Equipment | 286.3 | 233.2 | ||||||
Construction Work in Progress | 114.0 | 148.2 | ||||||
Total Property, Plant and Equipment | 5,240.7 | 5,095.9 | ||||||
Accumulated Depreciation and Amortization | 1,382.8 | 1,272.7 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 3,857.9 | 3,823.2 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 393.6 | 340.2 | ||||||
Employee Benefits and Pension Assets | 16.0 | 10.4 | ||||||
Deferred Charges and Other Noncurrent Assets | 19.2 | 10.0 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 428.8 | 360.6 | ||||||
TOTAL ASSETS | $ | 4,478.5 | $ | 4,379.2 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 68.1 | $ | 364.2 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 284.2 | 202.9 | ||||||||||||
Affiliated Companies | 85.4 | 76.7 | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | 0.6 | 0.5 | ||||||||||||
Customer Deposits | 60.0 | 59.0 | ||||||||||||
Accrued Taxes | 60.5 | 28.7 | ||||||||||||
Obligations Under Operating Leases | 9.5 | 8.9 | ||||||||||||
Other Current Liabilities | 95.5 | 101.8 | ||||||||||||
TOTAL CURRENT LIABILITIES | 663.8 | 842.7 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 2,383.3 | 1,912.3 | ||||||||||||
Deferred Income Taxes | 815.7 | 788.6 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 797.1 | 809.1 | ||||||||||||
Asset Retirement Obligations | 81.4 | 73.5 | ||||||||||||
Obligations Under Operating Leases | 108.4 | 99.3 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 18.0 | 21.3 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 4,203.9 | 3,704.1 | ||||||||||||
TOTAL LIABILITIES | 4,867.7 | 4,546.8 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||||||||
Common Stock – Par Value – $15 Per Share: | ||||||||||||||
Authorized – 11,000,000 Shares | ||||||||||||||
Issued – 10,482,000 Shares | ||||||||||||||
Outstanding – 9,013,000 Shares | 157.2 | 157.2 | ||||||||||||
Paid-in Capital | 1,040.1 | 1,042.6 | ||||||||||||
Retained Earnings | 1,249.2 | 1,218.0 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (0.2) | 1.3 | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,446.3 | 2,419.1 | ||||||||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 7,314.0 | $ | 6,965.9 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
(in millions) | ||||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 118.0 | $ | 52.0 | ||||
Accounts Payable: | ||||||||
General | 93.8 | 116.3 | ||||||
Affiliated Companies | 43.0 | 56.2 | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 0.5 | 0.5 | ||||||
Customer Deposits | 53.1 | 49.7 | ||||||
Accrued Taxes | 40.8 | 21.0 | ||||||
Accrued Interest | 19.5 | 13.9 | ||||||
Provision for Refund | 4.1 | 46.1 | ||||||
Other Current Liabilities | 38.5 | 47.8 | ||||||
TOTAL CURRENT LIABILITIES | 411.3 | 403.5 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 1,285.9 | 1,285.5 | ||||||
Deferred Income Taxes | 1,152.5 | 1,058.8 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 320.9 | 339.7 | ||||||
Asset Retirement Obligations | 54.5 | 52.8 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 21.0 | 24.8 | ||||||
TOTAL NONCURRENT LIABILITIES | 2,834.8 | 2,761.6 | ||||||
TOTAL LIABILITIES | 3,246.1 | 3,165.1 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
COMMON SHAREHOLDER’S EQUITY | ||||||||
Common Stock – Par Value – $15 Per Share: | ||||||||
Authorized – 11,000,000 Shares | ||||||||
Issued – 10,482,000 Shares | ||||||||
Outstanding – 9,013,000 Shares | 157.2 | 157.2 | ||||||
Paid-in Capital | 364.0 | 364.0 | ||||||
Retained Earnings | 708.4 | 689.5 | ||||||
Accumulated Other Comprehensive Income (Loss) | 2.8 | 3.4 | ||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 1,232.4 | 1,214.1 | ||||||
TOTAL LIABILITIES AND COMMON SHAREHOLDER’S EQUITY | $ | 4,478.5 | $ | 4,379.2 |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 48.7 | $ | 48.8 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 126.0 | 113.2 | ||||||||||||
Deferred Income Taxes | 13.1 | (20.4) | ||||||||||||
Allowance for Equity Funds Used During Construction | (2.9) | (1.3) | ||||||||||||
Mark-to-Market of Risk Management Contracts | (19.3) | (56.2) | ||||||||||||
Property Taxes | (27.9) | (24.4) | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 146.3 | (124.2) | ||||||||||||
Change in Other Regulatory Assets | (57.3) | 4.8 | ||||||||||||
Change in Other Noncurrent Assets | (22.7) | (12.2) | ||||||||||||
Change in Other Noncurrent Liabilities | (0.6) | 10.4 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (25.0) | (30.6) | ||||||||||||
Fuel, Materials and Supplies | (2.6) | (10.8) | ||||||||||||
Accounts Payable | 75.2 | 123.7 | ||||||||||||
Accrued Taxes, Net | 8.9 | 23.9 | ||||||||||||
Other Current Assets | 5.3 | (16.8) | ||||||||||||
Other Current Liabilities | (8.4) | 9.9 | ||||||||||||
Net Cash Flows from Operating Activities | 256.8 | 37.8 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (263.6) | (200.2) | ||||||||||||
Acquisitions of Renewable Energy Facilities | (145.7) | (549.3) | ||||||||||||
Other Investing Activities | 1.1 | 2.3 | ||||||||||||
Net Cash Flows Used for Investing Activities | (408.2) | (747.2) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | — | 2.2 | ||||||||||||
Return of Capital to Parent | (2.5) | — | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 469.8 | 500.0 | ||||||||||||
Change in Advances from Affiliates, Net | (296.1) | 211.1 | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (0.3) | (0.3) | ||||||||||||
Principal Payments for Finance Lease Obligations | (1.7) | (1.6) | ||||||||||||
Dividends Paid on Common Stock | (17.5) | — | ||||||||||||
Other Financing Activities | 0.3 | 0.3 | ||||||||||||
Net Cash Flows from Financing Activities | 152.0 | 711.7 | ||||||||||||
Net Increase in Cash and Cash Equivalents | 0.6 | 2.3 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 4.0 | 1.3 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 4.6 | $ | 3.6 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 37.6 | $ | 38.1 | ||||||||||
Net Cash Paid (Received) for Income Taxes | (6.1) | 12.2 | ||||||||||||
Noncash Acquisitions Under Finance Leases | 1.2 | 1.1 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 83.6 | 41.6 | ||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 71.4 | $ | 97.4 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 97.8 | 109.9 | ||||||
Deferred Income Taxes | 93.7 | 79.5 | ||||||
Allowance for Equity Funds Used During Construction | (0.4 | ) | (4.9 | ) | ||||
Mark-to-Market of Risk Management Contracts | (3.9 | ) | (0.7 | ) | ||||
Pension Contributions to Qualified Plan Trust | (5.3 | ) | (5.6 | ) | ||||
Property Taxes | (9.4 | ) | (8.0 | ) | ||||
Deferred Fuel Over/Under-Recovery, Net | (5.6 | ) | (80.2 | ) | ||||
Provision for Refund, Net | (39.4 | ) | 13.8 | |||||
Change in Other Noncurrent Assets | (19.8 | ) | (18.8 | ) | ||||
Change in Other Noncurrent Liabilities | (1.4 | ) | (3.7 | ) | ||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 5.8 | 4.4 | ||||||
Fuel, Materials and Supplies | 13.5 | (2.4 | ) | |||||
Accounts Payable | (18.5 | ) | 23.1 | |||||
Accrued Taxes, Net | 20.1 | 45.4 | ||||||
Other Current Assets | (8.2 | ) | (2.2 | ) | ||||
Other Current Liabilities | 1.5 | (14.9 | ) | |||||
Net Cash Flows from Operating Activities | 191.9 | 232.1 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (203.1 | ) | (266.8 | ) | ||||
Change in Advances to Affiliates, Net | — | 29.5 | ||||||
Other Investing Activities | 1.5 | 8.7 | ||||||
Net Cash Flows Used for Investing Activities | (201.6 | ) | (228.6 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt – Nonaffiliated | — | 150.0 | ||||||
Change in Advances from Affiliates, Net | 66.0 | — | ||||||
Retirement of Long-term Debt – Nonaffiliated | (0.3 | ) | (150.3 | ) | ||||
Principal Payments for Capital Lease Obligations | (3.2 | ) | (3.0 | ) | ||||
Dividends Paid on Common Stock | (52.5 | ) | — | |||||
Other Financing Activities | 0.3 | 0.4 | ||||||
Net Cash Flows from (Used for) Financing Activities | 10.3 | (2.9 | ) | |||||
Net Increase in Cash and Cash Equivalents | 0.6 | 0.6 | ||||||
Cash and Cash Equivalents at Beginning of Period | 1.5 | 1.4 | ||||||
Cash and Cash Equivalents at End of Period | $ | 2.1 | $ | 2.0 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 40.9 | $ | 45.0 | ||||
Net Cash Paid (Received) for Income Taxes | (46.6 | ) | (50.3 | ) | ||||
Noncash Acquisitions Under Capital Leases | 1.0 | 2.2 | ||||||
Construction Expenditures Included in Current Liabilities as of September 30, | 15.1 | 20.2 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions of KWhs) | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 1,371 | 1,502 | 2,722 | 3,138 | |||||||||||||||||||
Commercial | 1,412 | 1,488 | 2,580 | 2,754 | |||||||||||||||||||
Industrial | 1,360 | 1,394 | 2,563 | 2,509 | |||||||||||||||||||
Miscellaneous | 19 | 20 | 36 | 38 | |||||||||||||||||||
Total Retail | 4,162 | 4,404 | 7,901 | 8,439 | |||||||||||||||||||
Wholesale | 1,288 | 1,809 | 2,558 | 3,568 | |||||||||||||||||||
Total KWhs | 5,450 | 6,213 | 10,459 | 12,007 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in millions of KWhs) | |||||||||||
Retail: | |||||||||||
Residential | 1,887 | 2,105 | 4,547 | 4,879 | |||||||
Commercial | 1,677 | 1,793 | 4,466 | 4,652 | |||||||
Industrial | 1,339 | 1,254 | 3,895 | 3,830 | |||||||
Miscellaneous | 19 | 20 | 60 | 61 | |||||||
Total Retail | 4,922 | 5,172 | 12,968 | 13,422 | |||||||
Wholesale | 2,105 | 2,326 | 6,286 | 6,056 | |||||||
Total KWhs | 7,027 | 7,498 | 19,254 | 19,478 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in degree days) | |||||||||||||||||||||||
Actual – Heating (a) | 12 | 10 | 413 | 704 | |||||||||||||||||||
Normal – Heating (b) | 25 | 26 | 730 | 726 | |||||||||||||||||||
Actual – Cooling (c) | 851 | 985 | 958 | 1,015 | |||||||||||||||||||
Normal – Cooling (b) | 748 | 735 | 788 | 775 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in degree days) | |||||||||||
Actual - Heating (a) | — | — | 394 | 586 | |||||||
Normal - Heating (b) | 1 | 1 | 747 | 747 | |||||||
Actual - Cooling (c) | 1,248 | 1,502 | 1,999 | 2,277 | |||||||
Normal - Cooling (b) | 1,414 | 1,410 | 2,185 | 2,177 |
Reconciliation of 2022 to 2023 | ||||||||||||||
Earnings Attributable to SWEPCo Common Shareholder | ||||||||||||||
(in millions) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2022 Earnings Attributable to Common Shareholder | $ | 76.7 | $ | 120.8 | ||||||||||
Changes in Gross Margin: | ||||||||||||||
Retail Margins (a) | (7.8) | (3.4) | ||||||||||||
Margins from Off-system Sales | (0.7) | (2.3) | ||||||||||||
Transmission Revenues | (2.2) | 5.1 | ||||||||||||
Other Revenues | 2.0 | 1.9 | ||||||||||||
Total Change in Gross Margin | (8.7) | 1.3 | ||||||||||||
Changes in Expenses and Other: | ||||||||||||||
Other Operation and Maintenance | 17.7 | 2.4 | ||||||||||||
Depreciation and Amortization | (7.6) | (10.2) | ||||||||||||
Taxes Other Than Income Taxes | (1.2) | (7.5) | ||||||||||||
Interest Income | (2.3) | (0.5) | ||||||||||||
Allowance for Equity Funds Used During Construction | 1.7 | 0.6 | ||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 0.3 | 0.6 | ||||||||||||
Interest Expense | (6.4) | 1.7 | ||||||||||||
Total Change in Expenses and Other | 2.2 | (12.9) | ||||||||||||
Income Tax Benefit | 9.0 | 10.8 | ||||||||||||
Net Income Attributable to Noncontrolling Interest | 1.8 | 1.6 | ||||||||||||
2023 Earnings Attributable to Common Shareholder | $ | 81.0 | $ | 121.6 |
Reconciliation of Third Quarter of 2016 to Third Quarter of 2017 | ||||
Earnings Attributable to SWEPCo Common Shareholder | ||||
(in millions) | ||||
Third Quarter of 2016 | $ | 83.3 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (6.9 | ) | ||
Off-system Sales | 0.1 | |||
Transmission Revenues | (8.0 | ) | ||
Other Revenues | (0.1 | ) | ||
Total Change in Gross Margin | (14.9 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 10.1 | |||
Depreciation and Amortization | (4.0 | ) | ||
Taxes Other Than Income Taxes | (1.6 | ) | ||
Interest Income | 0.7 | |||
Allowance for Equity Funds Used During Construction | 0.3 | |||
Interest Expense | 0.7 | |||
Total Change in Expenses and Other | 6.2 | |||
Income Tax Expense | 10.7 | |||
Equity Earnings (Loss) of Unconsolidated Subsidiary | (2.3 | ) | ||
Net Income Attributable to Noncontrolling Interest | (9.9 | ) | ||
Third Quarter of 2017 | $ | 73.1 |
Reconciliation of Nine Months Ended September 30, 2016 to Nine Months Ended September 30, 2017 | ||||
Earnings Attributable to SWEPCo Common Shareholder | ||||
(in millions) | ||||
Nine Months Ended September 30, 2016 | $ | 149.9 | ||
Changes in Gross Margin: | ||||
Retail Margins (a) | (8.4 | ) | ||
Off-system Sales | 3.8 | |||
Transmission Revenues | (5.5 | ) | ||
Other Revenues | 0.3 | |||
Total Change in Gross Margin | (9.8 | ) | ||
Changes in Expenses and Other: | ||||
Other Operation and Maintenance | 6.6 | |||
Depreciation and Amortization | (10.0 | ) | ||
Taxes Other Than Income Taxes | (5.8 | ) | ||
Interest Income | 2.0 | |||
Allowance For Equity Funds Used During Construction | (8.3 | ) | ||
Interest Expense | (0.7 | ) | ||
Total Change in Expenses and Other | (16.2 | ) | ||
Income Tax Expense | 8.7 | |||
Equity Earnings (Loss) of Unconsolidated Subsidiary | (9.4 | ) | ||
Net Income Attributable to Noncontrolling Interest | (9.3 | ) | ||
Nine Months Ended September 30, 2017 | $ | 113.9 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
REVENUES | ||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 509.5 | $ | 530.5 | $ | 1,321.8 | $ | 1,324.1 | ||||||||
Sales to AEP Affiliates | 7.7 | 8.6 | 20.4 | 20.0 | ||||||||||||
Other Revenues | 0.4 | 0.6 | 1.4 | 1.6 | ||||||||||||
TOTAL REVENUES | 517.6 | 539.7 | 1,343.6 | 1,345.7 | ||||||||||||
EXPENSES | ||||||||||||||||
Fuel and Other Consumables Used for Electric Generation | 147.5 | 158.8 | 389.8 | 403.3 | ||||||||||||
Purchased Electricity for Resale | 40.0 | 35.9 | 118.7 | 97.5 | ||||||||||||
Other Operation | 80.3 | 89.2 | 232.2 | 243.3 | ||||||||||||
Maintenance | 32.6 | 33.8 | 106.5 | 102.0 | ||||||||||||
Depreciation and Amortization | 55.2 | 51.2 | 158.1 | 148.1 | ||||||||||||
Taxes Other Than Income Taxes | 25.0 | 23.4 | 72.6 | 66.8 | ||||||||||||
TOTAL EXPENSES | 380.6 | 392.3 | 1,077.9 | 1,061.0 | ||||||||||||
OPERATING INCOME | 137.0 | 147.4 | 265.7 | 284.7 | ||||||||||||
Other Income (Expense): | ||||||||||||||||
Interest Income | 0.7 | — | 2.0 | — | ||||||||||||
Allowance for Equity Funds Used During Construction | 0.4 | 0.1 | 1.2 | 9.5 | ||||||||||||
Interest Expense | (31.9 | ) | (32.6 | ) | (92.7 | ) | (92.0 | ) | ||||||||
INCOME BEFORE INCOME TAX EXPENSE AND EQUITY EARNINGS (LOSS) | 106.2 | 114.9 | 176.2 | 202.2 | ||||||||||||
Income Tax Expense | 22.5 | 33.2 | 45.2 | 53.9 | ||||||||||||
Equity Earnings (Loss) of Unconsolidated Subsidiary | 0.4 | 2.7 | (4.5 | ) | 4.9 | |||||||||||
NET INCOME | 84.1 | 84.4 | 126.5 | 153.2 | ||||||||||||
Net Income Attributable to Noncontrolling Interest | 11.0 | 1.1 | 12.6 | 3.3 | ||||||||||||
EARNINGS ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 73.1 | $ | 83.3 | $ | 113.9 | $ | 149.9 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
REVENUES | ||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution | $ | 522.5 | $ | 520.7 | $ | 1,026.2 | $ | 1,004.9 | ||||||||||||||||||
Sales to AEP Affiliates | 14.5 | 15.5 | 26.2 | 25.5 | ||||||||||||||||||||||
Other Revenues | 0.8 | 0.4 | 1.3 | 1.0 | ||||||||||||||||||||||
TOTAL REVENUES | 537.8 | 536.6 | 1,053.7 | 1,031.4 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 189.9 | 180.0 | 399.2 | 378.2 | ||||||||||||||||||||||
Other Operation | 85.2 | 103.1 | 184.4 | 194.6 | ||||||||||||||||||||||
Maintenance | 45.0 | 44.8 | 82.7 | 74.9 | ||||||||||||||||||||||
Depreciation and Amortization | 85.8 | 78.2 | 166.2 | 156.0 | ||||||||||||||||||||||
Taxes Other Than Income Taxes | 32.1 | 30.9 | 68.2 | 60.7 | ||||||||||||||||||||||
TOTAL EXPENSES | 438.0 | 437.0 | 900.7 | 864.4 | ||||||||||||||||||||||
OPERATING INCOME | 99.8 | 99.6 | 153.0 | 167.0 | ||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||
Interest Income | 5.3 | 7.6 | 10.7 | 11.2 | ||||||||||||||||||||||
Allowance for Equity Funds Used During Construction | 2.5 | 0.8 | 3.0 | 2.4 | ||||||||||||||||||||||
Non-Service Cost Components of Net Periodic Benefit Cost | 3.4 | 3.1 | 6.8 | 6.2 | ||||||||||||||||||||||
Interest Expense | (40.1) | (33.7) | (65.1) | (66.8) | ||||||||||||||||||||||
INCOME BEFORE INCOME TAX BENEFIT AND EQUITY EARNINGS | 70.9 | 77.4 | 108.4 | 120.0 | ||||||||||||||||||||||
Income Tax Benefit | (10.0) | (1.0) | (14.0) | (3.2) | ||||||||||||||||||||||
Equity Earnings of Unconsolidated Subsidiary | 0.4 | 0.4 | 0.7 | 0.7 | ||||||||||||||||||||||
NET INCOME | 81.3 | 78.8 | 123.1 | 123.9 | ||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | 0.3 | 2.1 | 1.5 | 3.1 | ||||||||||||||||||||||
EARNINGS ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 81.0 | $ | 76.7 | $ | 121.6 | $ | 120.8 | ||||||||||||||||||
The common stock of SWEPCo is wholly-owned by Parent. | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net Income | $ | 81.3 | $ | 78.8 | $ | 123.1 | $ | 123.9 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | ||||||||||||||||||||||||||
Cash Flow Hedges, Net of Tax of $0 and $0 for the Three Months Ended June 30, 2023 and 2022, Respectively, and $0.1 and $0 for the Six Months Ended June 30, 2023 and 2022, Respectively | (0.1) | (0.1) | 0.3 | — | ||||||||||||||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended June 30, 2023 and 2022, Respectively, and $(0.2) and $(0.2) for the Six Months Ended June 30, 2023 and 2022, Respectively | (0.3) | (0.4) | (0.6) | (0.8) | ||||||||||||||||||||||
TOTAL OTHER COMPREHENSIVE LOSS | (0.4) | (0.5) | (0.3) | (0.8) | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME | 80.9 | 78.3 | 122.8 | 123.1 | ||||||||||||||||||||||
Total Comprehensive Income Attributable to Noncontrolling Interest | 0.3 | 2.1 | 1.5 | 3.1 | ||||||||||||||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 80.6 | $ | 76.2 | $ | 121.3 | $ | 120.0 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Income | $ | 84.1 | $ | 84.4 | $ | 126.5 | $ | 153.2 | |||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES | |||||||||||||||
Cash Flow Hedges, Net of Tax of $0.2 and $0.2 for the Three Months Ended September 30, 2017 and 2016, Respectively, and $0.6 and $0.7 for the Nine Months Ended September 30, 2017 and 2016, Respectively | 0.4 | 0.4 | 1.1 | 1.3 | |||||||||||
Amortization of Pension and OPEB Deferred Costs, Net of Tax of $(0.1) and $(0.1) for the Three Months Ended September 30, 2017 and 2016, Respectively, and $(0.3) and $(0.3) for the Nine Months Ended September 30, 2017 and 2016, Respectively | (0.2 | ) | (0.1 | ) | (0.5 | ) | (0.5 | ) | |||||||
TOTAL OTHER COMPREHENSIVE INCOME | 0.2 | 0.3 | 0.6 | 0.8 | |||||||||||
TOTAL COMPREHENSIVE INCOME | 84.3 | 84.7 | 127.1 | 154.0 | |||||||||||
Total Comprehensive Income Attributable to Noncontrolling Interest | 11.0 | 1.1 | 12.6 | 3.3 | |||||||||||
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO SWEPCo COMMON SHAREHOLDER | $ | 73.3 | $ | 83.6 | $ | 114.5 | $ | 150.7 |
SWEPCo Common Shareholder | |||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | ||||||||||||||||||
TOTAL EQUITY - DECEMBER 31, 2015 | $ | 135.7 | $ | 676.6 | $ | 1,366.3 | $ | (9.4 | ) | $ | 0.5 | $ | 2,169.7 | ||||||||||
Common Stock Dividends | (90.0 | ) | (90.0 | ) | |||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (3.5 | ) | (3.5 | ) | |||||||||||||||||||
Net Income | 149.9 | 3.3 | 153.2 | ||||||||||||||||||||
Other Comprehensive Income | 0.8 | 0.8 | |||||||||||||||||||||
TOTAL EQUITY - SEPTEMBER 30, 2016 | $ | 135.7 | $ | 676.6 | $ | 1,426.2 | $ | (8.6 | ) | $ | 0.3 | $ | 2,230.2 | ||||||||||
TOTAL EQUITY - DECEMBER 31, 2016 | $ | 135.7 | $ | 676.6 | $ | 1,411.9 | $ | (9.4 | ) | $ | 0.4 | $ | 2,215.2 | ||||||||||
Common Stock Dividends | (82.5 | ) | (82.5 | ) | |||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (2.7 | ) | (2.7 | ) | |||||||||||||||||||
Net Income | 113.9 | 12.6 | 126.5 | ||||||||||||||||||||
Other Comprehensive Income | 0.6 | 0.6 | |||||||||||||||||||||
TOTAL EQUITY - SEPTEMBER 30, 2017 | $ | 135.7 | $ | 676.6 | $ | 1,443.3 | $ | (8.8 | ) | $ | 10.3 | $ | 2,257.1 |
SWEPCo Common Shareholder | |||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2021 | $ | 0.1 | $ | 1,092.2 | $ | 2,050.9 | $ | 6.7 | $ | (0.1) | $ | 3,149.8 | |||||||||||||||||||||||
Capital Contribution from Parent | 350.0 | 350.0 | |||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (0.8) | (0.8) | |||||||||||||||||||||||||||||||||
Net Income | 44.1 | 1.0 | 45.1 | ||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.3) | (0.3) | |||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2022 | 0.1 | 1,442.2 | 2,095.0 | 6.4 | 0.1 | 3,543.8 | |||||||||||||||||||||||||||||
Capital Contribution from Parent | 2.2 | 2.2 | |||||||||||||||||||||||||||||||||
Common Stock Dividends | (12.5) | (12.5) | |||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (0.7) | (0.7) | |||||||||||||||||||||||||||||||||
Net Income | 76.7 | 2.1 | 78.8 | ||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.5) | (0.5) | |||||||||||||||||||||||||||||||||
TOTAL EQUITY – JUNE 30, 2022 | $ | 0.1 | $ | 1,444.4 | $ | 2,159.2 | $ | 5.9 | $ | 1.5 | $ | 3,611.1 | |||||||||||||||||||||||
TOTAL EQUITY – DECEMBER 31, 2022 | $ | 0.1 | $ | 1,442.2 | $ | 2,236.0 | $ | (4.2) | $ | 0.7 | $ | 3,674.8 | |||||||||||||||||||||||
Capital Contribution from Parent | 50.0 | 50.0 | |||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (1.5) | (1.5) | |||||||||||||||||||||||||||||||||
Net Income | 40.6 | 1.2 | 41.8 | ||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0.1 | 0.1 | |||||||||||||||||||||||||||||||||
TOTAL EQUITY – MARCH 31, 2023 | 0.1 | 1,492.2 | 2,276.6 | (4.1) | 0.4 | 3,765.2 | |||||||||||||||||||||||||||||
Common Stock Dividends | (50.0) | (50.0) | |||||||||||||||||||||||||||||||||
Common Stock Dividends – Nonaffiliated | (0.6) | (0.6) | |||||||||||||||||||||||||||||||||
Net Income | 81.0 | 0.3 | 81.3 | ||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (0.4) | (0.4) | |||||||||||||||||||||||||||||||||
TOTAL EQUITY – JUNE 30, 2023 | $ | 0.1 | $ | 1,492.2 | $ | 2,307.6 | $ | (4.5) | $ | 0.1 | $ | 3,795.5 | |||||||||||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
CURRENT ASSETS | ||||||||||||||
Cash and Cash Equivalents (June 30, 2023 and December 31, 2022 Amounts Include $0.2 and $84.2, Respectively, Related to Sabine) | $ | 4.6 | $ | 88.4 | ||||||||||
Advances to Affiliates | 2.2 | 2.1 | ||||||||||||
Accounts Receivable: | ||||||||||||||
Customers | 38.6 | 38.8 | ||||||||||||
Affiliated Companies | 63.6 | 65.4 | ||||||||||||
Miscellaneous | 16.7 | 10.4 | ||||||||||||
Total Accounts Receivable | 118.9 | 114.6 | ||||||||||||
Fuel (June 30, 2023 and December 31, 2022 Amounts Include $0 and $14.2, Respectively, Related to Sabine) | 96.7 | 81.3 | ||||||||||||
Materials and Supplies (June 30, 2023 and December 31, 2022 Amounts Include $4.2 and $4.2, Respectively, Related to Sabine) | 86.3 | 92.1 | ||||||||||||
Risk Management Assets | 28.0 | 16.4 | ||||||||||||
Accrued Tax Benefits | 43.8 | 16.5 | ||||||||||||
Regulatory Asset for Under-Recovered Fuel Costs | 213.6 | 353.0 | ||||||||||||
Prepayments and Other Current Assets | 18.0 | 47.8 | ||||||||||||
TOTAL CURRENT ASSETS | 612.1 | 812.2 | ||||||||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||||||||
Electric: | ||||||||||||||
Generation | 4,887.9 | 5,476.2 | ||||||||||||
Transmission | 2,536.4 | 2,479.8 | ||||||||||||
Distribution | 2,739.4 | 2,659.6 | ||||||||||||
Other Property, Plant and Equipment (June 30, 2023 and December 31, 2022 Amounts Include $187.8 and $219.8, Respectively, Related to Sabine) | 800.0 | 804.4 | ||||||||||||
Construction Work in Progress | 516.9 | 369.5 | ||||||||||||
Total Property, Plant and Equipment | 11,480.6 | 11,789.5 | ||||||||||||
Accumulated Depreciation and Amortization (June 30, 2023 and December 31, 2022 Amounts Include $187.8 and $212.5, Respectively, Related to Sabine) | 3,007.7 | 3,527.3 | ||||||||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 8,472.9 | 8,262.2 | ||||||||||||
OTHER NONCURRENT ASSETS | ||||||||||||||
Regulatory Assets | 1,147.2 | 1,042.4 | ||||||||||||
Deferred Charges and Other Noncurrent Assets | 313.9 | 262.0 | ||||||||||||
TOTAL OTHER NONCURRENT ASSETS | 1,461.1 | 1,304.4 | ||||||||||||
TOTAL ASSETS | $ | 10,546.1 | $ | 10,378.8 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
CURRENT ASSETS | ||||||||
Cash and Cash Equivalents (September 30, 2017 and December 31, 2016 Amounts Include $0 and $8.7, Respectively, Related to Sabine) | $ | 2.2 | $ | 10.3 | ||||
Advances to Affiliates | 2.0 | 169.8 | ||||||
Accounts Receivable: | ||||||||
Customers | 23.5 | 48.5 | ||||||
Affiliated Companies | 37.6 | 29.3 | ||||||
Miscellaneous | 20.8 | 17.5 | ||||||
Allowance for Uncollectible Accounts | (1.5 | ) | (1.2 | ) | ||||
Total Accounts Receivable | 80.4 | 94.1 | ||||||
Fuel (September 30, 2017 and December 31, 2016 Amounts Include $43.2 and $34.3, Respectively, Related to Sabine) | 93.1 | 107.1 | ||||||
Materials and Supplies | 68.8 | 68.4 | ||||||
Risk Management Assets | 12.5 | 0.9 | ||||||
Accrued Tax Benefits | 14.5 | 51.5 | ||||||
Regulatory Asset for Under-Recovered Fuel Costs | 13.6 | 8.4 | ||||||
Prepayments and Other Current Assets | 35.5 | 35.5 | ||||||
TOTAL CURRENT ASSETS | 322.6 | 546.0 | ||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Electric: | ||||||||
Generation | 4,632.9 | 4,607.6 | ||||||
Transmission | 1,656.4 | 1,584.2 | ||||||
Distribution | 2,084.2 | 2,020.6 | ||||||
Other Property, Plant and Equipment (September 30, 2017 and December 31, 2016 Amounts Include $266.6 and $267.5, Respectively, Related to Sabine) | 701.6 | 670.4 | ||||||
Construction Work in Progress | 145.2 | 113.8 | ||||||
Total Property, Plant and Equipment | 9,220.3 | 8,996.6 | ||||||
Accumulated Depreciation and Amortization (September 30, 2017 and December 31, 2016 Amounts Include $162.8 and $155.6, Respectively, Related to Sabine) | 2,670.5 | 2,567.1 | ||||||
TOTAL PROPERTY, PLANT AND EQUIPMENT – NET | 6,549.8 | 6,429.5 | ||||||
OTHER NONCURRENT ASSETS | ||||||||
Regulatory Assets | 566.4 | 551.2 | ||||||
Long-term Risk Management Assets | 0.7 | — | ||||||
Deferred Charges and Other Noncurrent Assets | 116.4 | 99.9 | ||||||
TOTAL OTHER NONCURRENT ASSETS | 683.5 | 651.1 | ||||||
TOTAL ASSETS | $ | 7,555.9 | $ | 7,626.6 |
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
(in millions) | ||||||||||||||
CURRENT LIABILITIES | ||||||||||||||
Advances from Affiliates | $ | 32.6 | $ | 310.7 | ||||||||||
Accounts Payable: | ||||||||||||||
General | 260.2 | 213.1 | ||||||||||||
Affiliated Companies | 96.7 | 81.7 | ||||||||||||
Short-term Debt – Nonaffiliated | 3.9 | — | ||||||||||||
Long-term Debt Due Within One Year – Nonaffiliated | — | 6.2 | ||||||||||||
Customer Deposits | 71.0 | 65.4 | ||||||||||||
Accrued Taxes | 118.4 | 52.8 | ||||||||||||
Accrued Interest | 38.9 | 36.0 | ||||||||||||
Obligations Under Operating Leases | 9.2 | 8.4 | ||||||||||||
Asset Retirement Obligations | 43.7 | 43.7 | ||||||||||||
Other Current Liabilities | 110.1 | 129.7 | ||||||||||||
TOTAL CURRENT LIABILITIES | 784.7 | 947.7 | ||||||||||||
NONCURRENT LIABILITIES | ||||||||||||||
Long-term Debt – Nonaffiliated | 3,645.6 | 3,385.4 | ||||||||||||
Deferred Income Taxes | 1,131.9 | 1,089.7 | ||||||||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 766.8 | 825.7 | ||||||||||||
Asset Retirement Obligations | 225.5 | 237.2 | ||||||||||||
Employee Benefits and Pension Obligations | 29.8 | 29.7 | ||||||||||||
Obligations Under Operating Leases | 125.0 | 120.2 | ||||||||||||
Deferred Credits and Other Noncurrent Liabilities | 41.3 | 68.4 | ||||||||||||
TOTAL NONCURRENT LIABILITIES | 5,965.9 | 5,756.3 | ||||||||||||
TOTAL LIABILITIES | 6,750.6 | 6,704.0 | ||||||||||||
Rate Matters (Note 4) | ||||||||||||||
Commitments and Contingencies (Note 5) | ||||||||||||||
EQUITY | ||||||||||||||
Common Stock – Par Value – $18 Per Share: | ||||||||||||||
Authorized – 3,680 Shares | ||||||||||||||
Outstanding – 3,680 Shares | 0.1 | 0.1 | ||||||||||||
Paid-in Capital | 1,492.2 | 1,442.2 | ||||||||||||
Retained Earnings | 2,307.6 | 2,236.0 | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | (4.5) | (4.2) | ||||||||||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 3,795.4 | 3,674.1 | ||||||||||||
Noncontrolling Interest | 0.1 | 0.7 | ||||||||||||
TOTAL EQUITY | 3,795.5 | 3,674.8 | ||||||||||||
TOTAL LIABILITIES AND EQUITY | $ | 10,546.1 | $ | 10,378.8 | ||||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
(in millions) | ||||||||
CURRENT LIABILITIES | ||||||||
Advances from Affiliates | $ | 48.3 | $ | — | ||||
Accounts Payable: | ||||||||
General | 120.9 | 117.5 | ||||||
Affiliated Companies | 38.5 | 68.5 | ||||||
Short-term Debt – Nonaffiliated | 14.3 | — | ||||||
Long-term Debt Due Within One Year – Nonaffiliated | 385.4 | 353.7 | ||||||
Risk Management Liabilities | 0.1 | 0.3 | ||||||
Customer Deposits | 61.6 | 62.1 | ||||||
Accrued Taxes | 73.0 | 40.9 | ||||||
Accrued Interest | 25.1 | 45.1 | ||||||
Obligations Under Capital Leases | 11.4 | 11.8 | ||||||
Other Current Liabilities | 77.5 | 83.9 | ||||||
TOTAL CURRENT LIABILITIES | 856.1 | 783.8 | ||||||
NONCURRENT LIABILITIES | ||||||||
Long-term Debt – Nonaffiliated | 2,056.1 | 2,325.4 | ||||||
Deferred Income Taxes | 1,694.5 | 1,606.9 | ||||||
Regulatory Liabilities and Deferred Investment Tax Credits | 441.3 | 438.9 | ||||||
Asset Retirement Obligations | 159.0 | 147.1 | ||||||
Employee Benefits and Pension Obligations | 19.9 | 34.1 | ||||||
Obligations Under Capital Leases | 60.2 | 65.5 | ||||||
Deferred Credits and Other Noncurrent Liabilities | 11.7 | 9.7 | ||||||
TOTAL NONCURRENT LIABILITIES | 4,442.7 | 4,627.6 | ||||||
TOTAL LIABILITIES | 5,298.8 | 5,411.4 | ||||||
Rate Matters (Note 4) | ||||||||
Commitments and Contingencies (Note 5) | ||||||||
EQUITY | ||||||||
Common Stock – Par Value – $18 Per Share: | ||||||||
Authorized – 7,600,000 Shares | ||||||||
Outstanding – 7,536,640 Shares | 135.7 | 135.7 | ||||||
Paid-in Capital | 676.6 | 676.6 | ||||||
Retained Earnings | 1,443.3 | 1,411.9 | ||||||
Accumulated Other Comprehensive Income (Loss) | (8.8 | ) | (9.4 | ) | ||||
TOTAL COMMON SHAREHOLDER’S EQUITY | 2,246.8 | 2,214.8 | ||||||
Noncontrolling Interest | 10.3 | 0.4 | ||||||
TOTAL EQUITY | 2,257.1 | 2,215.2 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 7,555.9 | $ | 7,626.6 |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income | $ | 123.1 | $ | 123.9 | ||||||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||||||||
Depreciation and Amortization | 166.2 | 156.0 | ||||||||||||
Deferred Income Taxes | 28.0 | (1.4) | ||||||||||||
Allowance for Equity Funds Used During Construction | (3.0) | (2.4) | ||||||||||||
Mark-to-Market of Risk Management Contracts | (11.1) | (36.6) | ||||||||||||
Property Taxes | (49.3) | (44.0) | ||||||||||||
Deferred Fuel Over/Under-Recovery, Net | 103.6 | (53.6) | ||||||||||||
Change in Regulatory Assets | (43.8) | 0.3 | ||||||||||||
Change in Other Noncurrent Assets | 5.0 | 45.1 | ||||||||||||
Change in Other Noncurrent Liabilities | (22.4) | 10.4 | ||||||||||||
Changes in Certain Components of Working Capital: | ||||||||||||||
Accounts Receivable, Net | (4.3) | (34.7) | ||||||||||||
Fuel, Materials and Supplies | (12.2) | 8.7 | ||||||||||||
Accounts Payable | 81.2 | 46.2 | ||||||||||||
Accrued Taxes, Net | 39.7 | 41.3 | ||||||||||||
Other Current Assets | 20.5 | (7.7) | ||||||||||||
Other Current Liabilities | (36.5) | (34.0) | ||||||||||||
Net Cash Flows from Operating Activities | 384.7 | 217.5 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Construction Expenditures | (429.6) | (247.0) | ||||||||||||
Change in Advances to Affiliates, Net | (0.1) | 153.8 | ||||||||||||
Acquisition of the North Central Wind Energy Facilities | — | (658.0) | ||||||||||||
Other Investing Activities | 0.8 | 3.2 | ||||||||||||
Net Cash Flows Used for Investing Activities | (428.9) | (748.0) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Capital Contribution from Parent | 50.0 | 352.2 | ||||||||||||
Issuance of Long-term Debt – Nonaffiliated | 346.8 | — | ||||||||||||
Change in Short-term Debt – Nonaffiliated | 3.9 | — | ||||||||||||
Change in Advances from Affiliates, Net | (278.1) | 213.2 | ||||||||||||
Retirement of Long-term Debt – Nonaffiliated | (94.1) | (3.1) | ||||||||||||
Principal Payments for Finance Lease Obligations | (16.2) | (5.4) | ||||||||||||
Dividends Paid on Common Stock | (50.0) | (12.5) | ||||||||||||
Dividends Paid on Common Stock – Nonaffiliated | (2.1) | (1.5) | ||||||||||||
Other Financing Activities | 0.2 | 0.1 | ||||||||||||
Net Cash Flows from (Used for) Financing Activities | (39.6) | 543.0 | ||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (83.8) | 12.5 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | 88.4 | 51.2 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | 4.6 | $ | 63.7 | ||||||||||
SUPPLEMENTARY INFORMATION | ||||||||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 48.7 | $ | 63.6 | ||||||||||
Net Cash Paid (Received) for Income Taxes | (17.1) | 20.1 | ||||||||||||
Noncash Acquisitions Under Finance Leases | 2.6 | 2.8 | ||||||||||||
Construction Expenditures Included in Current Liabilities as of June 30, | 85.7 | 63.3 | ||||||||||||
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
OPERATING ACTIVITIES | ||||||||
Net Income | $ | 126.5 | $ | 153.2 | ||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||||||||
Depreciation and Amortization | 158.1 | 148.1 | ||||||
Deferred Income Taxes | 79.8 | 141.9 | ||||||
Allowance for Equity Funds Used During Construction | (1.2 | ) | (9.5 | ) | ||||
Mark-to-Market of Risk Management Contracts | (12.5 | ) | (5.8 | ) | ||||
Pension Contributions to Qualified Plan Trust | (8.9 | ) | (8.3 | ) | ||||
Property Taxes | (15.4 | ) | (13.7 | ) | ||||
Deferred Fuel Over/Under-Recovery, Net | 2.4 | 1.2 | ||||||
Change in Other Noncurrent Assets | (2.9 | ) | 18.4 | |||||
Change in Other Noncurrent Liabilities | (5.2 | ) | (25.8 | ) | ||||
Changes in Certain Components of Working Capital: | ||||||||
Accounts Receivable, Net | 12.1 | 12.2 | ||||||
Fuel, Materials and Supplies | 13.6 | 33.4 | ||||||
Accounts Payable | (25.7 | ) | (17.2 | ) | ||||
Accrued Taxes, Net | 69.1 | 14.1 | ||||||
Accrued Interest | (20.0 | ) | (20.0 | ) | ||||
Other Current Assets | 0.7 | (2.4 | ) | |||||
Other Current Liabilities | (14.6 | ) | (24.8 | ) | ||||
Net Cash Flows from Operating Activities | 355.9 | 395.0 | ||||||
INVESTING ACTIVITIES | ||||||||
Construction Expenditures | (265.3 | ) | (315.3 | ) | ||||
Change in Advances to Affiliates, Net | 167.8 | (297.4 | ) | |||||
Other Investing Activities | 3.1 | (1.9 | ) | |||||
Net Cash Flows Used for Investing Activities | (94.4 | ) | (614.6 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Issuance of Long-term Debt – Nonaffiliated | 114.6 | 402.2 | ||||||
Change in Short-term Debt – Nonaffiliated | 14.3 | — | ||||||
Change in Advances from Affiliates, Net | 48.3 | (58.3 | ) | |||||
Retirement of Long-term Debt – Nonaffiliated | (353.6 | ) | (3.3 | ) | ||||
Principal Payments for Capital Lease Obligations | (8.4 | ) | (18.6 | ) | ||||
Dividends Paid on Common Stock | (82.5 | ) | (90.0 | ) | ||||
Dividends Paid on Common Stock – Nonaffiliated | (2.7 | ) | (3.5 | ) | ||||
Other Financing Activities | 0.4 | 1.1 | ||||||
Net Cash Flows from (Used for) Financing Activities | (269.6 | ) | 229.6 | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | (8.1 | ) | 10.0 | |||||
Cash and Cash Equivalents at Beginning of Period | 10.3 | 5.2 | ||||||
Cash and Cash Equivalents at End of Period | $ | 2.2 | $ | 15.2 | ||||
SUPPLEMENTARY INFORMATION | ||||||||
Cash Paid for Interest, Net of Capitalized Amounts | $ | 109.4 | $ | 107.6 | ||||
Net Cash Paid (Received) for Income Taxes | (70.5 | ) | (66.6 | ) | ||||
Noncash Acquisitions Under Capital Leases | 2.8 | 5.5 | ||||||
Construction Expenditures Included in Current Liabilities as of September 30, | 40.7 | 54.3 |
Note | Registrant | Page Number | ||||||||||||
Significant Accounting Matters | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
New Accounting | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
Comprehensive Income | AEP | |||||||||||||
Rate Matters | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
Commitments, Guarantees and Contingencies | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
AEP, | ||||||||||||||
Benefit Plans | AEP, AEP Texas, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
Business Segments | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
Derivatives and Hedging | AEP, AEP Texas, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
Fair Value Measurements | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
Income Taxes | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
Financing Activities | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo | |||||||||||||
Variable Interest Entities | AEP | |||||||||||||
Revenue from Contracts with Customers | AEP, AEP Texas, AEPTCo, APCo, I&M, OPCo, PSO, SWEPCo |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
$/share | $/share | ||||||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 521.2 | $ | 524.5 | |||||||||||||||||||
Weighted-Average Number of Basic AEP Common Shares Outstanding | 514.9 | $ | 1.01 | 513.6 | $ | 1.02 | |||||||||||||||||
Weighted-Average Dilutive Effect of Stock-Based Awards | 1.3 | — | 1.6 | — | |||||||||||||||||||
Weighted-Average Number of Diluted AEP Common Shares Outstanding | 516.2 | $ | 1.01 | 515.2 | $ | 1.02 |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
$/share | $/share | ||||||||||||||||||||||
Earnings Attributable to AEP Common Shareholders | $ | 918.2 | $ | 1,239.2 | |||||||||||||||||||
Weighted-Average Number of Basic AEP Common Shares Outstanding | 514.5 | $ | 1.78 | 509.9 | $ | 2.43 | |||||||||||||||||
Weighted-Average Dilutive Effect of Stock-Based Awards | 1.4 | — | 1.5 | (0.01) | |||||||||||||||||||
Weighted-Average Number of Diluted AEP Common Shares Outstanding | 515.9 | $ | 1.78 | 511.4 | $ | 2.42 |
Three Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||
$/share | $/share | ||||||||||||||
Income (Loss) from Continuing Operations | $ | 556.7 | $ | (764.2 | ) | ||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 12.0 | 1.6 | |||||||||||||
Earnings (Loss) Attributable to AEP Common Shareholders from Continuing Operations | $ | 544.7 | $ | (765.8 | ) | ||||||||||
Weighted Average Number of Basic Shares Outstanding | 491.8 | $ | 1.11 | 491.7 | $ | (1.56 | ) | ||||||||
Weighted Average Dilutive Effect of Stock-Based Awards | 1.2 | (0.01 | ) | 0.1 | — | ||||||||||
Weighted Average Number of Diluted Shares Outstanding | 493.0 | $ | 1.10 | 491.8 | $ | (1.56 | ) |
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
(in millions, except per share data) | |||||||||||||||
$/share | $/share | ||||||||||||||
Income from Continuing Operations | $ | 1,527.1 | $ | 245.3 | |||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 15.2 | 5.3 | |||||||||||||
Earnings Attributable to AEP Common Shareholders from Continuing Operations | $ | 1,511.9 | $ | 240.0 | |||||||||||
Weighted Average Number of Basic Shares Outstanding | 491.8 | $ | 3.07 | 491.4 | $ | 0.49 | |||||||||
Weighted Average Dilutive Effect of Stock-Based Awards | 0.6 | — | 0.2 | — | |||||||||||
Weighted Average Number of Diluted Shares Outstanding | 492.4 | $ | 3.07 | 491.6 | $ | 0.49 |
June 30, 2023 | ||||||||||||||||||||
AEP | AEP Texas | APCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 304.9 | $ | 0.1 | $ | 6.8 | ||||||||||||||
Restricted Cash | 45.8 | 30.7 | 15.1 | |||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 350.7 | $ | 30.8 | $ | 21.9 |
December 31, 2022 | ||||||||||||||||||||
AEP | AEP Texas | APCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||
Cash and Cash Equivalents | $ | 509.4 | $ | 0.1 | $ | 7.5 | ||||||||||||||
Restricted Cash | 47.1 | 32.7 | 14.4 | |||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash | $ | 556.5 | $ | 32.8 | $ | 21.9 |
Nine Months Ended September 30, | ||||||||
Cash Flow Information | 2017 | 2016 | ||||||
(in millions) | ||||||||
Cash Paid (Received) for: | ||||||||
Interest, Net of Capitalized Amounts | $ | 613.8 | $ | 637.0 | ||||
Income Taxes, Net | (6.8 | ) | 32.2 | |||||
Noncash Investing and Financing Activities: | ||||||||
Acquisitions Under Capital Leases | 44.5 | 65.8 | ||||||
Construction Expenditures Included in Current Liabilities as of September 30, | 791.6 | 604.8 | ||||||
Construction Expenditures Included in Noncurrent Liabilities as of September 30, | 71.8 | — | ||||||
Acquisition of Nuclear Fuel Included in Current Liabilities as of September 30, | 0.6 | 0.3 | ||||||
Expected Reimbursement for Spent Nuclear Fuel Dry Cask Storage | 2.8 | — |
Cash Flow Hedges | Pension | |||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Balance in AOCI as of March 31, 2023 | $ | 65.3 | $ | 6.1 | $ | (139.5) | $ | (68.1) | ||||||||||||||||||
Change in Fair Value Recognized in AOCI, Net of Tax | 5.9 | 7.0 | — | 12.9 | ||||||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation (a) | 28.3 | — | — | 28.3 | ||||||||||||||||||||||
Interest Expense (a) | — | (0.5) | — | (0.5) | ||||||||||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (5.3) | (5.3) | ||||||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 1.4 | 1.4 | ||||||||||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 28.3 | (0.5) | (3.9) | 23.9 | ||||||||||||||||||||||
Income Tax (Expense) Benefit | 6.0 | (0.1) | (0.8) | 5.1 | ||||||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 22.3 | (0.4) | (3.1) | 18.8 | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 28.2 | 6.6 | (3.1) | 31.7 | ||||||||||||||||||||||
Balance in AOCI as of June 30, 2023 | $ | 93.5 | $ | 12.7 | $ | (142.6) | $ | (36.4) |
Cash Flow Hedges | Pension | |||||||||||||||||||||||||
Three Months Ended June 30, 2022 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Balance in AOCI as of March 31, 2022 | $ | 404.0 | $ | (13.6) | $ | 40.2 | $ | 430.6 | ||||||||||||||||||
Change in Fair Value Recognized in AOCI, Net of Tax | 257.3 | 2.0 | — | 259.3 | ||||||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||||||||||||
Generation & Marketing Revenues (a) | 0.1 | — | — | 0.1 | ||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation (a) | (161.8) | — | — | (161.8) | ||||||||||||||||||||||
Interest Expense (a) | — | 1.1 | — | 1.1 | ||||||||||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (5.4) | (5.4) | ||||||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 2.1 | 2.1 | ||||||||||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (161.7) | 1.1 | (3.3) | (163.9) | ||||||||||||||||||||||
Income Tax (Expense) Benefit | (34.0) | 0.3 | (0.7) | (34.4) | ||||||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (127.7) | 0.8 | (2.6) | (129.5) | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets to AOCI | — | — | (11.4) | (11.4) | ||||||||||||||||||||||
Income Tax (Expense) Benefit | — | — | (2.4) | (2.4) | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets to AOCI, Net of Income Tax (Expense) Benefit | — | — | (9.0) | (9.0) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 129.6 | 2.8 | (11.6) | 120.8 | ||||||||||||||||||||||
Balance in AOCI as of June 30, 2022 | $ | 533.6 | $ | (10.8) | $ | 28.6 | $ | 551.4 |
Cash Flow Hedges | |||||||||||||||||||
Commodity | Interest Rate | Securities Available for Sale | Pension and OPEB | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance in AOCI as of June 30, 2017 | $ | (36.0 | ) | $ | (10.4 | ) | $ | 10.2 | $ | (125.4 | ) | $ | (161.6 | ) | |||||
Change in Fair Value Recognized in AOCI | (15.8 | ) | (2.0 | ) | 0.9 | — | (16.9 | ) | |||||||||||
Amount of (Gain) Loss Reclassified from AOCI | |||||||||||||||||||
Generation & Marketing Revenues | (0.9 | ) | — | — | — | (0.9 | ) | ||||||||||||
Purchased Electricity for Resale | 4.9 | — | — | — | 4.9 | ||||||||||||||
Interest Expense | — | 0.4 | — | — | 0.4 | ||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | — | (5.0 | ) | (5.0 | ) | ||||||||||||
Amortization of Actuarial (Gains)/Losses | — | — | — | 5.4 | 5.4 | ||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 4.0 | 0.4 | — | 0.4 | 4.8 | ||||||||||||||
Income Tax (Expense) Credit | 1.4 | 0.2 | — | 0.1 | 1.7 | ||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 2.6 | 0.2 | — | 0.3 | 3.1 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (13.2 | ) | (1.8 | ) | 0.9 | 0.3 | (13.8 | ) | |||||||||||
Balance in AOCI as of September 30, 2017 | $ | (49.2 | ) | $ | (12.2 | ) | $ | 11.1 | $ | (125.1 | ) | $ | (175.4 | ) |
Cash Flow Hedges | Pension | |||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Balance in AOCI as of December 31, 2022 | $ | 223.5 | $ | 0.3 | $ | (140.1) | $ | 83.7 | ||||||||||||||||||
Change in Fair Value Recognized in AOCI, Net of Tax | (189.4) | 12.2 | (12.9) | (190.1) | ||||||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation (a) | 75.3 | — | — | 75.3 | ||||||||||||||||||||||
Interest Expense (a) | — | 0.2 | — | 0.2 | ||||||||||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (10.6) | (10.6) | ||||||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 2.6 | 2.6 | ||||||||||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | 75.3 | 0.2 | (8.0) | 67.5 | ||||||||||||||||||||||
Income Tax (Expense) Benefit | 15.9 | — | (1.7) | 14.2 | ||||||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | 59.4 | 0.2 | (6.3) | 53.3 | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets from AOCI | — | — | 21.1 | 21.1 | ||||||||||||||||||||||
Income Tax (Expense) Benefit | — | — | 4.4 | 4.4 | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets from AOCI, Net of Income Tax (Expense) Benefit | — | — | 16.7 | 16.7 | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (130.0) | 12.4 | (2.5) | (120.1) | ||||||||||||||||||||||
Balance in AOCI as of June 30, 2023 | $ | 93.5 | $ | 12.7 | $ | (142.6) | $ | (36.4) |
Cash Flow Hedges | Pension | |||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Commodity | Interest Rate | and OPEB | Total | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Balance in AOCI as of December 31, 2021 | $ | 163.7 | $ | (21.3) | $ | 42.4 | $ | 184.8 | ||||||||||||||||||
Change in Fair Value Recognized in AOCI, Net of Tax | 535.5 | 8.8 | — | 544.3 | ||||||||||||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation (a) | (209.7) | — | — | (209.7) | ||||||||||||||||||||||
Interest Expense (a) | — | 2.2 | — | 2.2 | ||||||||||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | (10.3) | (10.3) | ||||||||||||||||||||||
Amortization of Actuarial (Gains) Losses | — | — | 4.2 | 4.2 | ||||||||||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Benefit | (209.7) | 2.2 | (6.1) | (213.6) | ||||||||||||||||||||||
Income Tax (Expense) Benefit | (44.1) | 0.5 | (1.3) | (44.9) | ||||||||||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Benefit | (165.6) | 1.7 | (4.8) | (168.7) | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets to AOCI | — | — | (11.4) | (11.4) | ||||||||||||||||||||||
Income Tax (Expense) Benefit | — | — | (2.4) | (2.4) | ||||||||||||||||||||||
Reclassifications of KPCo Pension and OPEB Regulatory Assets to AOCI, Net of Income Tax (Expense) Benefit | — | — | (9.0) | (9.0) | ||||||||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 369.9 | 10.5 | (13.8) | 366.6 | ||||||||||||||||||||||
Balance in AOCI as of June 30, 2022 | $ | 533.6 | $ | (10.8) | $ | 28.6 | $ | 551.4 |
Cash Flow Hedges | |||||||||||||||||||
Commodity | Interest Rate | Securities Available for Sale | Pension and OPEB | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance in AOCI as of June 30, 2016 | $ | 1.9 | $ | (16.5 | ) | $ | 8.3 | $ | (111.6 | ) | $ | (117.9 | ) | ||||||
Change in Fair Value Recognized in AOCI | (26.7 | ) | — | 0.5 | — | (26.2 | ) | ||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | |||||||||||||||||||
Generation & Marketing Revenues | (5.4 | ) | — | — | — | (5.4 | ) | ||||||||||||
Purchased Electricity for Resale | 1.8 | — | — | — | 1.8 | ||||||||||||||
Interest Expense | — | 0.6 | — | — | 0.6 | ||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | — | (4.8 | ) | (4.8 | ) | ||||||||||||
Amortization of Actuarial (Gains)/Losses | — | — | — | 5.0 | 5.0 | ||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (3.6 | ) | 0.6 | — | 0.2 | (2.8 | ) | ||||||||||||
Income Tax (Expense) Credit | (1.3 | ) | 0.2 | — | — | (1.1 | ) | ||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (2.3 | ) | 0.4 | — | 0.2 | (1.7 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (29.0 | ) | 0.4 | 0.5 | 0.2 | (27.9 | ) | ||||||||||||
Balance in AOCI as of September 30, 2016 | $ | (27.1 | ) | $ | (16.1 | ) | $ | 8.8 | $ | (111.4 | ) | $ | (145.8 | ) |
Cash Flow Hedges | |||||||||||||||||||
Commodity | Interest Rate | Securities Available for Sale | Pension and OPEB | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance in AOCI as of December 31, 2016 | $ | (23.1 | ) | $ | (15.7 | ) | $ | 8.4 | $ | (125.9 | ) | $ | (156.3 | ) | |||||
Change in Fair Value Recognized in AOCI | (39.4 | ) | 2.7 | 2.7 | — | (34.0 | ) | ||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | |||||||||||||||||||
Generation & Marketing Revenues | (5.6 | ) | — | — | — | (5.6 | ) | ||||||||||||
Purchased Electricity for Resale | 26.0 | — | — | — | 26.0 | ||||||||||||||
Interest Expense | — | 1.2 | — | — | 1.2 | ||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | — | (14.8 | ) | (14.8 | ) | ||||||||||||
Amortization of Actuarial (Gains)/Losses | — | — | — | 16.0 | 16.0 | ||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 20.4 | 1.2 | — | 1.2 | 22.8 | ||||||||||||||
Income Tax (Expense) Credit | 7.1 | 0.4 | — | 0.4 | 7.9 | ||||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 13.3 | 0.8 | — | 0.8 | 14.9 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (26.1 | ) | 3.5 | 2.7 | 0.8 | (19.1 | ) | ||||||||||||
Balance in AOCI as of September 30, 2017 | $ | (49.2 | ) | $ | (12.2 | ) | $ | 11.1 | $ | (125.1 | ) | $ | (175.4 | ) |
Cash Flow Hedges | |||||||||||||||||||
Commodity | Interest Rate | Securities Available for Sale | Pension and OPEB | Total | |||||||||||||||
(in millions) | |||||||||||||||||||
Balance in AOCI as of December 31, 2015 | $ | (5.2 | ) | $ | (17.2 | ) | $ | 7.1 | $ | (111.8 | ) | $ | (127.1 | ) | |||||
Change in Fair Value Recognized in AOCI | (17.7 | ) | — | 1.7 | — | (16.0 | ) | ||||||||||||
Amount of (Gain) Loss Reclassified from AOCI | |||||||||||||||||||
Generation & Marketing Revenues | (20.7 | ) | — | — | — | (20.7 | ) | ||||||||||||
Purchased Electricity for Resale | 14.2 | — | — | — | 14.2 | ||||||||||||||
Interest Expense | — | 1.7 | — | — | 1.7 | ||||||||||||||
Amortization of Prior Service Cost (Credit) | — | — | — | (14.6 | ) | (14.6 | ) | ||||||||||||
Amortization of Actuarial (Gains)/Losses | — | — | — | 15.2 | 15.2 | ||||||||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (6.5 | ) | 1.7 | — | 0.6 | (4.2 | ) | ||||||||||||
Income Tax (Expense) Credit | (2.3 | ) | 0.6 | — | 0.2 | (1.5 | ) | ||||||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (4.2 | ) | 1.1 | — | 0.4 | (2.7 | ) | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (21.9 | ) | 1.1 | 1.7 | 0.4 | (18.7 | ) | ||||||||||||
Balance in AOCI as of September 30, 2016 | $ | (27.1 | ) | $ | (16.1 | ) | $ | 8.8 | $ | (111.4 | ) | $ | (145.8 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of June 30, 2017 | $ | 2.5 | $ | (11.9 | ) | $ | (9.4 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | (0.2 | ) | — | (0.2 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | (1.4 | ) | (1.4 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.9 | 0.9 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.2 | ) | (0.5 | ) | (0.7 | ) | ||||||
Income Tax (Expense) Credit | (0.1 | ) | (0.2 | ) | (0.3 | ) | ||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.1 | ) | (0.3 | ) | (0.4 | ) | ||||||
Net Current Period Other Comprehensive Loss | (0.1 | ) | (0.3 | ) | (0.4 | ) | ||||||
Balance in AOCI as of September 30, 2017 | $ | 2.4 | $ | (12.2 | ) | $ | (9.8 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of June 30, 2016 | $ | 3.2 | $ | (7.1 | ) | $ | (3.9 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | (0.2 | ) | — | (0.2 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | (1.2 | ) | (1.2 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.7 | 0.7 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.2 | ) | (0.5 | ) | (0.7 | ) | ||||||
Income Tax (Expense) Credit | — | (0.2 | ) | (0.2 | ) | |||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.2 | ) | (0.3 | ) | (0.5 | ) | ||||||
Net Current Period Other Comprehensive Loss | (0.2 | ) | (0.3 | ) | (0.5 | ) | ||||||
Balance in AOCI as of September 30, 2016 | $ | 3.0 | $ | (7.4 | ) | $ | (4.4 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2016 | $ | 2.9 | $ | (11.3 | ) | $ | (8.4 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | (0.8 | ) | — | (0.8 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | (4.0 | ) | (4.0 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 2.6 | 2.6 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.8 | ) | (1.4 | ) | (2.2 | ) | ||||||
Income Tax (Expense) Credit | (0.3 | ) | (0.5 | ) | (0.8 | ) | ||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.5 | ) | (0.9 | ) | (1.4 | ) | ||||||
Net Current Period Other Comprehensive Loss | (0.5 | ) | (0.9 | ) | (1.4 | ) | ||||||
Balance in AOCI as of September 30, 2017 | $ | 2.4 | $ | (12.2 | ) | $ | (9.8 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2015 | $ | 3.6 | $ | (6.4 | ) | $ | (2.8 | ) | ||||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | (0.8 | ) | — | (0.8 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | (3.8 | ) | (3.8 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 2.2 | 2.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.8 | ) | (1.6 | ) | (2.4 | ) | ||||||
Income Tax (Expense) Credit | (0.2 | ) | (0.6 | ) | (0.8 | ) | ||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.6 | ) | (1.0 | ) | (1.6 | ) | ||||||
Net Current Period Other Comprehensive Loss | (0.6 | ) | (1.0 | ) | (1.6 | ) | ||||||
Balance in AOCI as of September 30, 2016 | $ | 3.0 | $ | (7.4 | ) | $ | (4.4 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of June 30, 2017 | $ | (11.3 | ) | $ | (4.2 | ) | $ | (15.5 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.5 | — | 0.5 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.3 | ) | (0.3 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.3 | 0.3 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.5 | — | 0.5 | |||||||||
Income Tax (Expense) Credit | 0.2 | — | 0.2 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.3 | — | 0.3 | |||||||||
Net Current Period Other Comprehensive Income | 0.3 | — | 0.3 | |||||||||
Balance in AOCI as of September 30, 2017 | $ | (11.0 | ) | $ | (4.2 | ) | $ | (15.2 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of June 30, 2016 | $ | (12.6 | ) | $ | (3.4 | ) | $ | (16.0 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.5 | — | 0.5 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.2 | ) | (0.2 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.2 | 0.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.5 | — | 0.5 | |||||||||
Income Tax (Expense) Credit | 0.2 | — | 0.2 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.3 | — | 0.3 | |||||||||
Net Current Period Other Comprehensive Income | 0.3 | — | 0.3 | |||||||||
Balance in AOCI as of September 30, 2016 | $ | (12.3 | ) | $ | (3.4 | ) | $ | (15.7 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2016 | $ | (12.0 | ) | $ | (4.2 | ) | $ | (16.2 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 1.5 | — | 1.5 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.7 | ) | (0.7 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.7 | 0.7 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 1.5 | — | 1.5 | |||||||||
Income Tax (Expense) Credit | 0.5 | — | 0.5 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 1.0 | — | 1.0 | |||||||||
Net Current Period Other Comprehensive Income | 1.0 | — | 1.0 | |||||||||
Balance in AOCI as of September 30, 2017 | $ | (11.0 | ) | $ | (4.2 | ) | $ | (15.2 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2015 | $ | (13.3 | ) | $ | (3.4 | ) | $ | (16.7 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 1.5 | — | 1.5 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.6 | ) | (0.6 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.6 | 0.6 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 1.5 | — | 1.5 | |||||||||
Income Tax (Expense) Credit | 0.5 | — | 0.5 | |||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 1.0 | — | 1.0 | |||||||||
Net Current Period Other Comprehensive Income | 1.0 | — | 1.0 | |||||||||
Balance in AOCI as of September 30, 2016 | $ | (12.3 | ) | $ | (3.4 | ) | $ | (15.7 | ) |
Cash Flow Hedges | ||||
Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of June 30, 2017 | $ | 2.5 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.5 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.5 | ) | ||
Income Tax (Expense) Credit | (0.2 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.3 | ) | ||
Net Current Period Other Comprehensive Loss | (0.3 | ) | ||
Balance in AOCI as of September 30, 2017 | $ | 2.2 |
Cash Flow Hedges | ||||
Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of June 30, 2016 | $ | 3.5 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.3 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.3 | ) | ||
Income Tax (Expense) Credit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.2 | ) | ||
Net Current Period Other Comprehensive Loss | (0.2 | ) | ||
Balance in AOCI as of September 30, 2016 | $ | 3.3 |
Cash Flow Hedges | ||||
Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2016 | $ | 3.0 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (1.3 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (1.3 | ) | ||
Income Tax (Expense) Credit | (0.5 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.8 | ) | ||
Net Current Period Other Comprehensive Loss | (0.8 | ) | ||
Balance in AOCI as of September 30, 2017 | $ | 2.2 |
Cash Flow Hedges | ||||
Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2015 | $ | 4.3 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (1.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (1.4 | ) | ||
Income Tax (Expense) Credit | (0.4 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (1.0 | ) | ||
Net Current Period Other Comprehensive Loss | (1.0 | ) | ||
Balance in AOCI as of September 30, 2016 | $ | 3.3 |
Cash Flow Hedges | ||||
Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of June 30, 2017 | $ | 3.0 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.4 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.4 | ) | ||
Income Tax (Expense) Credit | (0.2 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.2 | ) | ||
Net Current Period Other Comprehensive Loss | (0.2 | ) | ||
Balance in AOCI as of September 30, 2017 | $ | 2.8 |
Cash Flow Hedges | ||||
Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of June 30, 2016 | $ | 3.8 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.3 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.3 | ) | ||
Income Tax (Expense) Credit | (0.1 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.2 | ) | ||
Net Current Period Other Comprehensive Loss | (0.2 | ) | ||
Balance in AOCI as of September 30, 2016 | $ | 3.6 |
Cash Flow Hedges | ||||
Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2016 | $ | 3.4 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (1.0 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (1.0 | ) | ||
Income Tax (Expense) Credit | (0.4 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.6 | ) | ||
Net Current Period Other Comprehensive Loss | (0.6 | ) | ||
Balance in AOCI as of September 30, 2017 | $ | 2.8 |
Cash Flow Hedges | ||||
Interest Rate | ||||
(in millions) | ||||
Balance in AOCI as of December 31, 2015 | $ | 4.2 | ||
Change in Fair Value Recognized in AOCI | — | |||
Amount of (Gain) Loss Reclassified from AOCI | ||||
Interest Expense | (0.9 | ) | ||
Reclassifications from AOCI, before Income Tax (Expense) Credit | (0.9 | ) | ||
Income Tax (Expense) Credit | (0.3 | ) | ||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | (0.6 | ) | ||
Net Current Period Other Comprehensive Loss | (0.6 | ) | ||
Balance in AOCI as of September 30, 2016 | $ | 3.6 |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of June 30, 2017 | $ | (6.7 | ) | $ | (2.3 | ) | $ | (9.0 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.6 | — | 0.6 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.5 | ) | (0.5 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.2 | 0.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.6 | (0.3 | ) | 0.3 | ||||||||
Income Tax (Expense) Credit | 0.2 | (0.1 | ) | 0.1 | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.4 | (0.2 | ) | 0.2 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | (0.2 | ) | 0.2 | ||||||||
Balance in AOCI as of September 30, 2017 | $ | (6.3 | ) | $ | (2.5 | ) | $ | (8.8 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of June 30, 2016 | $ | (8.2 | ) | $ | (0.7 | ) | $ | (8.9 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 0.7 | — | 0.7 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (0.4 | ) | (0.4 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.2 | 0.2 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 0.7 | (0.2 | ) | 0.5 | ||||||||
Income Tax (Expense) Credit | 0.3 | (0.1 | ) | 0.2 | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 0.4 | (0.1 | ) | 0.3 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 0.4 | (0.1 | ) | 0.3 | ||||||||
Balance in AOCI as of September 30, 2016 | $ | (7.8 | ) | $ | (0.8 | ) | $ | (8.6 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2016 | $ | (7.4 | ) | $ | (2.0 | ) | $ | (9.4 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 1.7 | — | 1.7 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (1.5 | ) | (1.5 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.7 | 0.7 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 1.7 | (0.8 | ) | 0.9 | ||||||||
Income Tax (Expense) Credit | 0.6 | (0.3 | ) | 0.3 | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 1.1 | (0.5 | ) | 0.6 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 1.1 | (0.5 | ) | 0.6 | ||||||||
Balance in AOCI as of September 30, 2017 | $ | (6.3 | ) | $ | (2.5 | ) | $ | (8.8 | ) |
Cash Flow Hedges | ||||||||||||
Interest Rate | Pension and OPEB | Total | ||||||||||
(in millions) | ||||||||||||
Balance in AOCI as of December 31, 2015 | $ | (9.1 | ) | $ | (0.3 | ) | $ | (9.4 | ) | |||
Change in Fair Value Recognized in AOCI | — | — | — | |||||||||
Amount of (Gain) Loss Reclassified from AOCI | ||||||||||||
Interest Expense | 2.0 | — | 2.0 | |||||||||
Amortization of Prior Service Cost (Credit) | — | (1.4 | ) | (1.4 | ) | |||||||
Amortization of Actuarial (Gains)/Losses | — | 0.6 | 0.6 | |||||||||
Reclassifications from AOCI, before Income Tax (Expense) Credit | 2.0 | (0.8 | ) | 1.2 | ||||||||
Income Tax (Expense) Credit | 0.7 | (0.3 | ) | 0.4 | ||||||||
Reclassifications from AOCI, Net of Income Tax (Expense) Credit | 1.3 | (0.5 | ) | 0.8 | ||||||||
Net Current Period Other Comprehensive Income (Loss) | 1.3 | (0.5 | ) | 0.8 | ||||||||
Balance in AOCI as of September 30, 2016 | $ | (7.8 | ) | $ | (0.8 | ) | $ | (8.6 | ) |
Plant | Net Book Value | Accelerated Depreciation Regulatory Asset | Cost of Removal Regulatory Liability | Projected Retirement Date | Current Authorized Recovery Period | Annual Depreciation (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Northeastern Plant, Unit 3 | $ | 120.5 | $ | 154.9 | $ | 20.4 | (b) | 2026 | (c) | $ | 14.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Welsh Plant, Units 1 and 3 | 384.3 | 105.4 | 58.2 | (d) | 2028 | (e) | (f) | 38.6 |
AEP | ||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||
Pirkey Plant Accelerated Depreciation | $ | 111.8 | $ | 116.5 | ||||||||||
Unrecovered Winter Storm Fuel Costs (a) | 109.5 | 121.7 | ||||||||||||
Welsh Plant, Units 1 and 3 Accelerated Depreciation | 105.4 | 85.6 | ||||||||||||
Dolet Hills Power Station Fuel Costs - Louisiana | 33.9 | 32.0 | ||||||||||||
Texas Mobile Generation Costs | 29.4 | 17.6 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 21.4 | 19.3 | ||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs (b)(c)(d) | 395.4 | 407.2 | ||||||||||||
2020-2022 Virginia Triennial Under-Earnings | 35.0 | 37.9 | ||||||||||||
Plant Retirement Costs – Asset Retirement Obligation Costs | 25.9 | 25.9 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 49.3 | 55.6 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 917.0 | $ | 919.3 |
AEP | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Unrecovered Plant (a) | $ | 209.1 | $ | 159.9 | ||||
Storm-Related Costs | 97.4 | 25.1 | ||||||
Plant Retirement Costs - Materials and Supplies | 9.1 | 9.1 | ||||||
Ohio Capacity Deferral | — | 96.7 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 1.1 | 1.3 | ||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Storm-Related Costs | 42.6 | 25.9 | ||||||
Plant Retirement Costs - Asset Retirement Obligation Costs | 37.2 | 29.6 | ||||||
Cook Plant Uprate Project | 36.3 | 36.3 | ||||||
Environmental Control Projects | 24.3 | 24.1 | ||||||
Cook Plant Turbine | 15.1 | 12.8 | ||||||
Deferred Cook Plant Life Cycle Management Project Costs - Michigan | 13.0 | 8.1 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 25.6 | 21.2 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval (b) | $ | 510.8 | $ | 450.1 |
AEP Texas | ||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||
Texas Mobile Generation Costs | $ | 29.4 | $ | 17.6 | ||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs | 34.9 | 26.7 | ||||||||||||
Vegetation Management Program | 5.2 | 5.2 | ||||||||||||
Texas Retail Electric Provider Bad Debt Expense | 4.1 | 4.1 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 13.6 | 13.4 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 87.2 | $ | 67.0 |
APCo | ||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||
COVID-19 – Virginia | $ | 7.2 | $ | 7.0 | ||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs - West Virginia | 72.0 | 72.6 | ||||||||||||
2020-2022 Virginia Triennial Under-Earnings | 35.0 | 37.9 | ||||||||||||
Plant Retirement Costs – Asset Retirement Obligation Costs | 25.9 | 25.9 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 5.5 | 1.1 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 145.6 | $ | 144.5 |
I&M | ||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | $ | 0.1 | $ | 0.1 | ||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs - Indiana | 23.9 | 21.6 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 2.7 | 2.0 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 26.7 | $ | 23.7 |
APCo | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Materials and Supplies | $ | 9.1 | $ | 9.1 | ||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Plant Retirement Costs - Asset Retirement Obligation Costs | 37.2 | 29.6 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.6 | 0.6 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval (a) | $ | 46.9 | $ | 39.3 |
OPCo | ||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs (a) | $ | 52.7 | $ | 33.8 | ||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.1 | — | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 52.8 | $ | 33.8 |
I&M | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Cook Plant Uprate Project | $ | 36.3 | $ | 36.3 | ||||
Cook Plant Turbine | 15.1 | 12.8 | ||||||
Deferred Cook Plant Life Cycle Management Project Costs - Michigan | 13.0 | 8.1 | ||||||
Rockport Dry Sorbent Injection System - Indiana | 9.4 | 6.6 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 1.5 | 0.9 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 75.3 | $ | 64.7 |
PSO | ||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs (a) | $ | 84.6 | $ | 25.5 | ||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.2 | 0.1 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 84.8 | $ | 25.6 |
OPCo | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Capacity Deferral | $ | — | $ | 96.7 | ||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Smart Grid Costs | — | 4.1 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | — | $ | 100.8 |
SWEPCo | ||||||||||||||
June 30, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Noncurrent Regulatory Assets | (in millions) | |||||||||||||
Regulatory Assets Currently Earning a Return | ||||||||||||||
Pirkey Plant Accelerated Depreciation | $ | 111.8 | $ | 116.5 | ||||||||||
Unrecovered Winter Storm Fuel Costs (a) | 109.5 | 121.7 | ||||||||||||
Welsh Plant, Units 1 and 3 Accelerated Depreciation | 105.4 | 85.6 | ||||||||||||
Dolet Hills Power Station Fuel Costs - Louisiana | 33.9 | 32.0 | ||||||||||||
Dolet Hills Power Station | 12.1 | 9.7 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 1.9 | 2.5 | ||||||||||||
Regulatory Assets Currently Not Earning a Return | ||||||||||||||
Storm-Related Costs (b)(c) | 48.0 | 151.5 | ||||||||||||
Asset Retirement Obligation - Louisiana | — | 11.8 | ||||||||||||
Other Regulatory Assets Pending Final Regulatory Approval | 15.9 | 16.0 | ||||||||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 438.5 | $ | 547.3 |
PSO | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Unrecovered Plant (a) | $ | 133.7 | $ | 84.5 | ||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.5 | 0.5 | ||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Storm-Related Costs | 36.7 | 20.0 | ||||||
Environmental Control Projects | 24.3 | 13.1 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.4 | — | ||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 195.6 | $ | 118.1 |
SWEPCo | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
Noncurrent Regulatory Assets | (in millions) | |||||||
Regulatory Assets Currently Earning a Return | ||||||||
Plant Retirement Costs - Unrecovered Plant | $ | 75.4 | $ | 75.4 | ||||
Other Regulatory Assets Pending Final Regulatory Approval | 0.5 | 0.8 | ||||||
Regulatory Assets Currently Not Earning a Return | ||||||||
Rate Case Expense - Texas | 4.1 | 1.0 | ||||||
Asset Retirement Obligation - Arkansas, Louisiana | 3.6 | 2.7 | ||||||
Shipe Road Transmission Project - FERC | 3.3 | 3.1 | ||||||
Environmental Control Projects | — | 11.0 | ||||||
Other Regulatory Assets Pending Final Regulatory Approval | 2.4 | 1.9 | ||||||
Total Regulatory Assets Pending Final Regulatory Approval | $ | 89.3 | $ | 95.9 |
Jurisdiction | June 30, 2023 | December 31, 2022 | Approved Recovery Period | Approved Carrying Charge | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Arkansas | $ | 66.4 | $ | 74.9 | 6 years | (a) | ||||||||||||||||||||
Louisiana | 109.5 | 121.7 | (b) | (b) | ||||||||||||||||||||||
Texas | 117.8 | 132.4 | 5 years | 1.65% | ||||||||||||||||||||||
Total | $ | 293.7 | $ | 329.0 |
Company | Amount | Maturity | ||||||||||||
(in millions) | ||||||||||||||
AEP | $ | 288.8 | July 2023 to June 2024 | |||||||||||
AEP Texas | 1.8 | July 2023 | ||||||||||||
Company | Amount | Maturity | ||||
(in millions) | ||||||
AEP | $ | 123.2 | October 2017 to September 2018 | |||
OPCo | 0.6 | September 2018 |
Company | Maximum Potential Loss | |||||||
(in millions) | ||||||||
AEP | $ | 45.0 | ||||||
AEP Texas | 10.9 | |||||||
APCo | 5.6 | |||||||
I&M | 4.2 | |||||||
OPCo | 7.0 | |||||||
PSO | 4.7 | |||||||
SWEPCo | 5.4 |
Company | Maximum Potential Loss | |||
(in millions) | ||||
AEP | $ | 42.1 | ||
APCo | 8.8 | |||
I&M | 3.4 | |||
OPCo | 6.0 | |||
PSO | 3.3 | |||
SWEPCo | 3.7 |
June 30, 2023 | ||||||||
(in millions) | ||||||||
ASSETS | ||||||||
Accounts Receivable and Accrued Unbilled Revenues | $ | 10.0 | ||||||
Property, Plant and Equipment, Net | 1,394.0 | |||||||
Other Classes of Assets that are not Major | 67.3 | |||||||
Total Major Classes of Assets Held for Sale | 1,471.3 | |||||||
Loss on the Expected Sale of the Competitive Contracted Renewables Portfolio (net of $23.5 million of Income Taxes) | (88.5) | |||||||
Assets Held for Sale | $ | 1,382.8 | ||||||
LIABILITIES | ||||||||
Accounts Payable | $ | 4.6 | ||||||
Asset Retirement Obligations | 31.0 | |||||||
Obligations Under Operating Leases | 21.6 | |||||||
Other Classes of Liabilities that are not Major | 7.6 | |||||||
Liabilities Held for Sale | $ | 64.8 |
December 31, | ||||
2016 | ||||
Assets: | ||||
Fuel | $ | 145.5 | ||
Materials and Supplies | 49.4 | |||
Property, Plant and Equipment - Net | 1,756.2 | |||
Other Class of Assets That Are Not Major | 0.1 | |||
Total Assets Classified as Held for Sale on the Balance Sheets | $ | 1,951.2 | ||
Liabilities: | ||||
Long-term Debt | $ | 134.8 | ||
Waterford Plant Upgrade Liability | 52.2 | |||
Asset Retirement Obligations | 36.7 | |||
Other Classes of Liabilities That Are Not Major | 12.2 | |||
Total Liabilities Classified as Held for Sale on the Balance Sheets | $ | 235.9 |
Three Months Ended June 30, 2023 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 23.6 | $ | 2.1 | $ | 2.2 | $ | 3.0 | $ | 2.1 | $ | 1.4 | $ | 1.9 | ||||||||||||||||||||||||||||||
Interest Cost | 54.8 | 4.6 | 6.6 | 6.2 | 5.0 | 2.7 | 3.5 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (84.8) | (7.0) | (11.1) | (11.1) | (8.5) | (4.6) | (4.9) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 0.4 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | (6.0) | $ | (0.3) | $ | (2.3) | $ | (1.9) | $ | (1.4) | $ | (0.5) | $ | 0.5 |
Three Months Ended June 30, 2022 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 30.8 | $ | 2.8 | $ | 2.8 | $ | 4.1 | $ | 2.9 | $ | 1.8 | $ | 2.7 | ||||||||||||||||||||||||||||||
Interest Cost | 37.1 | 3.0 | 4.4 | 4.2 | 3.2 | 1.7 | 2.3 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (63.3) | (5.2) | (8.1) | (8.1) | (6.2) | (3.4) | (3.6) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 15.7 | 1.3 | 1.8 | 1.7 | 1.4 | 0.8 | 0.9 | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | $ | 20.3 | $ | 1.9 | $ | 0.9 | $ | 1.9 | $ | 1.3 | $ | 0.9 | $ | 2.3 |
Six Months Ended June 30, 2023 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 47.2 | $ | 4.1 | $ | 4.5 | $ | 6.0 | $ | 4.2 | $ | 2.8 | $ | 3.8 | ||||||||||||||||||||||||||||||
Interest Cost | 109.6 | 9.2 | 13.2 | 12.4 | 9.9 | 5.4 | 7.0 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (169.6) | (14.0) | (22.3) | (22.1) | (17.0) | (9.2) | (9.7) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 0.7 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost (Credit) | $ | (12.1) | $ | (0.7) | $ | (4.6) | $ | (3.7) | $ | (2.9) | $ | (1.0) | $ | 1.1 |
Six Months Ended June 30, 2022 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 61.6 | $ | 5.6 | $ | 5.7 | $ | 8.1 | $ | 5.6 | $ | 3.7 | $ | 5.3 | ||||||||||||||||||||||||||||||
Interest Cost | 74.1 | 6.0 | 8.8 | 8.4 | 6.6 | 3.5 | 4.6 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (126.7) | (10.5) | (16.2) | (16.1) | (12.4) | (6.8) | (7.3) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 31.5 | 2.6 | 3.6 | 3.5 | 2.8 | 1.5 | 1.9 | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | $ | 40.5 | $ | 3.7 | $ | 1.9 | $ | 3.9 | $ | 2.6 | $ | 1.9 | $ | 4.5 |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 24.1 | $ | 21.4 | $ | 2.8 | $ | 2.6 | |||||||
Interest Cost | 50.7 | 52.9 | 14.8 | 15.3 | |||||||||||
Expected Return on Plan Assets | (71.1 | ) | (70.1 | ) | (25.3 | ) | (26.8 | ) | |||||||
Amortization of Prior Service Cost (Credit) | 0.3 | 0.6 | (17.3 | ) | (17.3 | ) | |||||||||
Amortization of Net Actuarial Loss | 20.7 | 21.0 | 9.2 | 7.8 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 24.7 | $ | 25.8 | $ | (15.8 | ) | $ | (18.4 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 72.3 | $ | 64.3 | $ | 8.4 | $ | 7.7 | |||||||
Interest Cost | 152.3 | 158.7 | 44.5 | 45.7 | |||||||||||
Expected Return on Plan Assets | (213.5 | ) | (210.2 | ) | (76.0 | ) | (80.3 | ) | |||||||
Amortization of Prior Service Cost (Credit) | 0.8 | 1.7 | (51.8 | ) | (51.8 | ) | |||||||||
Amortization of Net Actuarial Loss | 62.1 | 62.9 | 27.5 | 23.5 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 74.0 | $ | 77.4 | $ | (47.4 | ) | $ | (55.2 | ) |
Three Months Ended June 30, 2023 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 1.2 | $ | 0.1 | $ | 0.2 | $ | 0.2 | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||||||||||||||||||||||
Interest Cost | 11.5 | 0.9 | 1.9 | 1.4 | 1.1 | 0.6 | 0.7 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (27.4) | (2.2) | (4.0) | (3.4) | (3.0) | (1.4) | (1.8) | |||||||||||||||||||||||||||||||||||||
Amortization of Prior Service Credit | (15.7) | (1.4) | (2.3) | (2.1) | (1.5) | (1.0) | (1.2) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 3.7 | 0.3 | 0.5 | 0.4 | 0.4 | 0.2 | 0.3 | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Credit | $ | (26.7) | $ | (2.3) | $ | (3.7) | $ | (3.5) | $ | (2.9) | $ | (1.6) | $ | (1.9) |
Three Months Ended June 30, 2022 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 1.9 | $ | 0.1 | $ | 0.2 | $ | 0.3 | $ | 0.1 | $ | 0.1 | $ | 0.2 | ||||||||||||||||||||||||||||||
Interest Cost | 7.3 | 0.5 | 1.1 | 0.9 | 0.8 | 0.3 | 0.4 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (27.5) | (2.2) | (4.0) | (3.5) | (2.9) | (1.5) | (1.8) | |||||||||||||||||||||||||||||||||||||
Amortization of Prior Service Credit | (17.9) | (1.5) | (2.6) | (2.5) | (1.8) | (1.1) | (1.3) | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Credit | $ | (36.2) | $ | (3.1) | $ | (5.3) | $ | (4.8) | $ | (3.8) | $ | (2.2) | $ | (2.5) |
Six Months Ended June 30, 2023 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 2.3 | $ | 0.2 | $ | 0.3 | $ | 0.4 | $ | 0.2 | $ | 0.1 | $ | 0.2 | ||||||||||||||||||||||||||||||
Interest Cost | 23.1 | 1.8 | 3.7 | 2.7 | 2.3 | 1.2 | 1.4 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (54.8) | (4.5) | (8.0) | (6.8) | (5.9) | (2.9) | (3.6) | |||||||||||||||||||||||||||||||||||||
Amortization of Prior Service Credit | (31.5) | (2.7) | (4.6) | (4.3) | (3.1) | (2.0) | (2.4) | |||||||||||||||||||||||||||||||||||||
Amortization of Net Actuarial Loss | 7.4 | 0.6 | 1.1 | 0.9 | 0.8 | 0.4 | 0.5 | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Credit | $ | (53.5) | $ | (4.6) | $ | (7.5) | $ | (7.1) | $ | (5.7) | $ | (3.2) | $ | (3.9) |
Six Months Ended June 30, 2022 | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Service Cost | $ | 3.7 | $ | 0.2 | $ | 0.4 | $ | 0.5 | $ | 0.3 | $ | 0.2 | $ | 0.3 | ||||||||||||||||||||||||||||||
Interest Cost | 14.6 | 1.1 | 2.3 | 1.7 | 1.5 | 0.7 | 0.9 | |||||||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | (55.0) | (4.5) | (8.1) | (6.9) | (5.9) | (3.0) | (3.7) | |||||||||||||||||||||||||||||||||||||
Amortization of Prior Service Credit | (35.7) | (3.0) | (5.2) | (4.9) | (3.6) | (2.2) | (2.6) | |||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Credit | $ | (72.4) | $ | (6.2) | $ | (10.6) | $ | (9.6) | $ | (7.7) | $ | (4.3) | $ | (5.1) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.3 | $ | 2.1 | $ | 0.3 | $ | 0.2 | |||||||
Interest Cost | 6.5 | 6.8 | 2.6 | 2.7 | |||||||||||
Expected Return on Plan Assets | (8.9 | ) | (8.8 | ) | (4.1 | ) | (4.3 | ) | |||||||
Amortization of Prior Service Credit | — | — | (2.5 | ) | (2.5 | ) | |||||||||
Amortization of Net Actuarial Loss | 2.6 | 2.6 | 1.6 | 1.4 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 2.5 | $ | 2.7 | $ | (2.1 | ) | $ | (2.5 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 7.0 | $ | 6.1 | $ | 0.8 | $ | 0.7 | |||||||
Interest Cost | 19.3 | 20.4 | 7.9 | 8.1 | |||||||||||
Expected Return on Plan Assets | (26.8 | ) | (26.5 | ) | (12.3 | ) | (13.0 | ) | |||||||
Amortization of Prior Service Cost (Credit) | 0.1 | 0.1 | (7.5 | ) | (7.5 | ) | |||||||||
Amortization of Net Actuarial Loss | 7.8 | 8.0 | 4.7 | 4.1 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 7.4 | $ | 8.1 | $ | (6.4 | ) | $ | (7.6 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 3.5 | $ | 3.1 | $ | 0.4 | $ | 0.4 | |||||||
Interest Cost | 6.1 | 6.3 | 1.7 | 1.7 | |||||||||||
Expected Return on Plan Assets | (8.6 | ) | (8.4 | ) | (3.1 | ) | (3.2 | ) | |||||||
Amortization of Prior Service Credit | — | — | (2.3 | ) | (2.4 | ) | |||||||||
Amortization of Net Actuarial Loss | 2.4 | 2.5 | 1.1 | 0.9 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 3.4 | $ | 3.5 | $ | (2.2 | ) | $ | (2.6 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 10.5 | $ | 9.2 | $ | 1.2 | $ | 1.1 | |||||||
Interest Cost | 18.2 | 19.0 | 5.2 | 5.2 | |||||||||||
Expected Return on Plan Assets | (25.9 | ) | (25.2 | ) | (9.2 | ) | (9.6 | ) | |||||||
Amortization of Prior Service Cost (Credit) | 0.1 | 0.1 | (7.0 | ) | (7.1 | ) | |||||||||
Amortization of Net Actuarial Loss | 7.3 | 7.4 | 3.3 | 2.8 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 10.2 | $ | 10.5 | $ | (6.5 | ) | $ | (7.6 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 1.8 | $ | 1.6 | $ | 0.3 | $ | 0.2 | |||||||
Interest Cost | 4.8 | 5.1 | 1.6 | 1.8 | |||||||||||
Expected Return on Plan Assets | (6.9 | ) | (6.9 | ) | (3.0 | ) | (3.3 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.7 | ) | (1.7 | ) | |||||||||
Amortization of Net Actuarial Loss | 2.0 | 2.1 | 1.1 | 0.9 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.7 | $ | 1.9 | $ | (1.7 | ) | $ | (2.1 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 5.6 | $ | 4.9 | $ | 0.7 | $ | 0.6 | |||||||
Interest Cost | 14.5 | 15.4 | 5.0 | 5.3 | |||||||||||
Expected Return on Plan Assets | (20.9 | ) | (20.8 | ) | (9.0 | ) | (9.7 | ) | |||||||
Amortization of Prior Service Cost (Credit) | 0.1 | 0.1 | (5.2 | ) | (5.2 | ) | |||||||||
Amortization of Net Actuarial Loss | 5.9 | 6.1 | 3.3 | 2.8 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 5.2 | $ | 5.7 | $ | (5.2 | ) | $ | (6.2 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 1.7 | $ | 1.5 | $ | 0.2 | $ | 0.2 | |||||||
Interest Cost | 2.6 | 2.8 | 0.8 | 0.8 | |||||||||||
Expected Return on Plan Assets | (3.9 | ) | (3.9 | ) | (1.4 | ) | (1.5 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | 0.1 | (1.1 | ) | (1.1 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.1 | 1.1 | 0.5 | 0.4 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 1.5 | $ | 1.6 | $ | (1.0 | ) | $ | (1.2 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 4.9 | $ | 4.6 | $ | 0.5 | $ | 0.5 | |||||||
Interest Cost | 8.0 | 8.4 | 2.4 | 2.4 | |||||||||||
Expected Return on Plan Assets | (11.8 | ) | (11.6 | ) | (4.2 | ) | (4.5 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | 0.2 | (3.2 | ) | (3.2 | ) | |||||||||
Amortization of Net Actuarial Loss | 3.3 | 3.3 | 1.5 | 1.3 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 4.4 | $ | 4.9 | $ | (3.0 | ) | $ | (3.5 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 2.1 | $ | 2.0 | $ | 0.2 | $ | 0.2 | |||||||
Interest Cost | 3.1 | 3.1 | 0.9 | 0.9 | |||||||||||
Expected Return on Plan Assets | (4.2 | ) | (4.0 | ) | (1.5 | ) | (1.7 | ) | |||||||
Amortization of Prior Service Credit | — | — | (1.3 | ) | (1.3 | ) | |||||||||
Amortization of Net Actuarial Loss | 1.3 | 1.2 | 0.5 | 0.5 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 2.3 | $ | 2.3 | $ | (1.2 | ) | $ | (1.4 | ) |
Pension Plans | Other Postretirement Benefit Plans | ||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Service Cost | $ | 6.5 | $ | 6.1 | $ | 0.6 | $ | 0.6 | |||||||
Interest Cost | 9.2 | 9.3 | 2.7 | 2.7 | |||||||||||
Expected Return on Plan Assets | (12.6 | ) | (12.3 | ) | (4.7 | ) | (5.0 | ) | |||||||
Amortization of Prior Service Cost (Credit) | — | 0.2 | (3.9 | ) | (3.9 | ) | |||||||||
Amortization of Net Actuarial Loss | 3.7 | 3.6 | 1.7 | 1.5 | |||||||||||
Net Periodic Benefit Cost (Credit) | $ | 6.8 | $ | 6.9 | $ | (3.6 | ) | $ | (4.1 | ) |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||||||||||||||||
External Customers | $ | 2,629.0 | $ | 1,330.8 | $ | 88.3 | $ | 318.2 | $ | 6.2 | $ | — | $ | 4,372.5 | |||||||||||||||||||||||||||
Other Operating Segments | 45.5 | 9.4 | 370.3 | 13.2 | 25.8 | (464.2) | — | ||||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,674.5 | $ | 1,340.2 | $ | 458.6 | $ | 331.4 | $ | 32.0 | $ | (464.2) | $ | 4,372.5 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 278.4 | $ | 176.7 | $ | 197.3 | $ | (38.6) | $ | (97.7) | $ | — | $ | 516.1 | |||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||||||||||||||||
External Customers | $ | 2,595.0 | $ | 1,296.8 | $ | 79.1 | $ | 654.4 | $ | 14.4 | $ | — | $ | 4,639.7 | |||||||||||||||||||||||||||
Other Operating Segments | 53.5 | 4.8 | 299.7 | 5.2 | 10.1 | (373.3) | — | ||||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,648.5 | $ | 1,301.6 | $ | 378.8 | $ | 659.6 | $ | 24.5 | $ | (373.3) | $ | 4,639.7 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 303.3 | $ | 164.8 | $ | 142.7 | $ | 65.9 | $ | (155.9) | $ | — | $ | 520.8 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||||||||||||||||
External Customers | $ | 5,445.3 | $ | 2,786.1 | $ | 178.4 | $ | 645.1 | $ | 8.5 | $ | — | $ | 9,063.4 | |||||||||||||||||||||||||||
Other Operating Segments | 87.0 | 18.3 | 735.7 | 13.3 | 53.6 | (907.9) | — | ||||||||||||||||||||||||||||||||||
Total Revenues | $ | 5,532.3 | $ | 2,804.4 | $ | 914.1 | $ | 658.4 | $ | 62.1 | $ | (907.9) | $ | 9,063.4 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 540.6 | $ | 302.4 | $ | 379.7 | $ | (195.0) | $ | (111.2) | $ | — | $ | 916.5 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||||||||||||||||
External Customers | $ | 5,241.8 | $ | 2,539.0 | $ | 162.5 | $ | 1,263.9 | $ | 25.1 | $ | — | $ | 9,232.3 | |||||||||||||||||||||||||||
Other Operating Segments | 94.1 | 9.4 | 627.7 | 15.0 | 19.3 | (765.5) | — | ||||||||||||||||||||||||||||||||||
Total Revenues | $ | 5,335.9 | $ | 2,548.4 | $ | 790.2 | $ | 1,278.9 | $ | 44.4 | $ | (765.5) | $ | 9,232.3 | |||||||||||||||||||||||||||
Net Income (Loss) | $ | 602.5 | $ | 317.6 | $ | 316.4 | $ | 181.9 | $ | (179.5) | $ | — | $ | 1,238.9 | |||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets (d) | $ | 51,047.3 | $ | 23,900.0 | $ | 16,023.5 | $ | 4,457.9 | $ | 6,451.4 | (b) | $ | (5,878.0) | (c) | $ | 96,002.1 | ||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 49,761.8 | $ | 22,920.2 | $ | 15,215.8 | $ | 4,520.1 | $ | 6,768.4 | (b) | $ | (5,783.0) | (c) | $ | 93,403.3 | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||
External Customers | $ | 2,453.8 | $ | 1,149.7 | $ | 45.1 | $ | 441.5 | $ | 14.6 | $ | — | $ | 4,104.7 | |||||||||||||
Other Operating Segments | 28.4 | 23.6 | 133.4 | 24.0 | 16.7 | (226.1 | ) | — | |||||||||||||||||||
Total Revenues | $ | 2,482.2 | $ | 1,173.3 | $ | 178.5 | $ | 465.5 | $ | 31.3 | $ | (226.1 | ) | $ | 4,104.7 | ||||||||||||
Income (Loss) from Continuing Operations | $ | 297.3 | $ | 144.0 | $ | 76.5 | $ | 33.7 | $ | 5.2 | $ | — | $ | 556.7 | |||||||||||||
Loss from Discontinued Operations, Net of Tax | — | — | — | — | — | — | — | ||||||||||||||||||||
Net Income (Loss) | $ | 297.3 | $ | 144.0 | $ | 76.5 | $ | 33.7 | $ | 5.2 | $ | — | $ | 556.7 | |||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||
External Customers | $ | 2,538.3 | $ | 1,245.4 | $ | 39.5 | $ | 823.3 | $ | 5.7 | $ | — | $ | 4,652.2 | |||||||||||||
Other Operating Segments | 18.0 | 30.2 | 92.9 | 36.1 | 19.1 | (196.3 | ) | — | |||||||||||||||||||
Total Revenues | $ | 2,556.3 | $ | 1,275.6 | $ | 132.4 | $ | 859.4 | $ | 24.8 | $ | (196.3 | ) | $ | 4,652.2 | ||||||||||||
Income (Loss) from Continuing Operations | $ | 343.4 | $ | 155.7 | $ | 69.5 | $ | (1,369.2 | ) | $ | 36.4 | $ | — | $ | (764.2 | ) | |||||||||||
Loss from Discontinued Operations, Net of Tax | — | — | — | — | — | — | — | ||||||||||||||||||||
Net Income (Loss) | $ | 343.4 | $ | 155.7 | $ | 69.5 | $ | (1,369.2 | ) | $ | 36.4 | $ | — | $ | (764.2 | ) |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||
External Customers | $ | 6,819.3 | $ | 3,242.7 | $ | 125.8 | $ | 1,386.8 | $ | 39.9 | $ | — | $ | 11,614.5 | |||||||||||||
Other Operating Segments | 73.8 | 70.5 | 456.1 | 80.7 | 46.8 | (727.9 | ) | — | |||||||||||||||||||
Total Revenues | $ | 6,893.1 | $ | 3,313.2 | $ | 581.9 | $ | 1,467.5 | $ | 86.7 | $ | (727.9 | ) | $ | 11,614.5 | ||||||||||||
Income (Loss) from Continuing Operations | $ | 639.2 | $ | 374.3 | $ | 278.3 | $ | 246.3 | $ | (11.0 | ) | $ | — | $ | 1,527.1 | ||||||||||||
Loss from Discontinued Operations, Net of Tax | — | — | — | — | — | — | — | ||||||||||||||||||||
Net Income (Loss) | $ | 639.2 | $ | 374.3 | $ | 278.3 | $ | 246.3 | $ | (11.0 | ) | $ | — | $ | 1,527.1 | ||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||||||
External Customers | $ | 6,864.6 | $ | 3,398.9 | $ | 110.1 | $ | 2,192.5 | $ | 23.9 | $ | — | $ | 12,590.0 | |||||||||||||
Other Operating Segments | 63.2 | 69.6 | 272.6 | 98.7 | 55.2 | (559.3 | ) | — | |||||||||||||||||||
Total Revenues | $ | 6,927.8 | $ | 3,468.5 | $ | 382.7 | $ | 2,291.2 | $ | 79.1 | $ | (559.3 | ) | $ | 12,590.0 | ||||||||||||
Income (Loss) from Continuing Operations | $ | 832.6 | $ | 387.8 | $ | 209.5 | $ | (1,248.8 | ) | $ | 64.2 | $ | — | $ | 245.3 | ||||||||||||
Loss from Discontinued Operations, Net of Tax | — | — | — | — | (2.5 | ) | — | (2.5 | ) | ||||||||||||||||||
Net Income (Loss) | $ | 832.6 | $ | 387.8 | $ | 209.5 | $ | (1,248.8 | ) | $ | 61.7 | $ | — | $ | 242.8 |
September 30, 2017 | ||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Total Property, Plant and Equipment | $ | 42,722.9 | $ | 15,695.2 | $ | 6,394.2 | $ | 632.9 | $ | 359.5 | $ | (366.5 | ) | (b) | $ | 65,438.2 | ||||||||||||
Accumulated Depreciation and Amortization | 13,042.9 | 3,766.2 | 156.6 | 161.7 | 180.8 | (186.5 | ) | (b) | 17,121.7 | |||||||||||||||||||
Total Property Plant and Equipment - Net | $ | 29,680.0 | $ | 11,929.0 | $ | 6,237.6 | $ | 471.2 | $ | 178.7 | $ | (180.0 | ) | (b) | $ | 48,316.5 | ||||||||||||
Total Assets | $ | 38,136.4 | $ | 15,765.0 | $ | 7,631.2 | $ | 1,904.4 | $ | 22,339.9 | $ | (21,812.0 | ) | (b) (c) | $ | 63,964.9 | ||||||||||||
Long-term Debt Due Within One Year: | ||||||||||||||||||||||||||||
Non-Affiliated | $ | 1,107.2 | $ | 703.4 | $ | — | $ | 0.1 | $ | 548.6 | $ | — | $ | 2,359.3 | ||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||||||
Affiliated | 50.0 | — | — | 32.2 | — | (82.2 | ) | — | ||||||||||||||||||||
Non-Affiliated | 10,644.2 | 4,738.0 | 2,682.1 | (0.3 | ) | 298.4 | — | 18,362.4 | ||||||||||||||||||||
Total Long-term Debt | $ | 11,801.4 | $ | 5,441.4 | $ | 2,682.1 | $ | 32.0 | $ | 847.0 | $ | (82.2 | ) | $ | 20,721.7 | |||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other (a) | Reconciling Adjustments | Consolidated | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Total Property, Plant and Equipment | $ | 41,552.6 | $ | 14,762.2 | $ | 5,354.0 | $ | 364.7 | $ | 356.6 | $ | (353.5 | ) | (b) | $ | 62,036.6 | ||||||||||||
Accumulated Depreciation and Amortization | 12,596.7 | 3,655.0 | 101.4 | 42.2 | 186.0 | (184.0 | ) | (b) | 16,397.3 | |||||||||||||||||||
Total Property Plant and Equipment - Net | $ | 28,955.9 | $ | 11,107.2 | $ | 5,252.6 | $ | 322.5 | $ | 170.6 | $ | (169.5 | ) | (b) | $ | 45,639.3 | ||||||||||||
Assets Held for Sale | $ | — | $ | — | $ | — | $ | 1,951.2 | $ | — | $ | — | $ | 1,951.2 | ||||||||||||||
Total Assets | $ | 37,428.3 | $ | 14,802.4 | $ | 6,384.8 | $ | 3,386.1 | $ | 20,354.8 | $ | (18,888.7 | ) | (b) (c) | $ | 63,467.7 | ||||||||||||
Long-term Debt Due Within One Year: | ||||||||||||||||||||||||||||
Non-Affiliated | $ | 1,519.9 | $ | 309.4 | $ | — | $ | 500.1 | $ | 548.6 | $ | — | $ | 2,878.0 | ||||||||||||||
Long-term Debt: | ||||||||||||||||||||||||||||
Affiliated | 20.0 | — | — | 32.2 | — | (52.2 | ) | — | ||||||||||||||||||||
Non-Affiliated | 10,353.3 | 4,672.2 | 2,055.7 | — | 297.2 | — | 17,378.4 | |||||||||||||||||||||
Total Long-term Debt | $ | 11,893.2 | $ | 4,981.6 | $ | 2,055.7 | $ | 532.3 | $ | 845.8 | $ | (52.2 | ) | $ | 20,256.4 | |||||||||||||
Liabilities Held for Sale | $ | — | $ | — | $ | — | $ | 235.9 | $ | — | $ | — | $ | 235.9 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||
External Customers | $ | 87.4 | $ | — | $ | — | $ | 87.4 | |||||||||||||||
Sales to AEP Affiliates | 357.5 | — | — | 357.5 | |||||||||||||||||||
Total Revenues | $ | 444.9 | $ | — | $ | — | $ | 444.9 | |||||||||||||||
Net Income | $ | 174.2 | $ | 1.5 | (a) | $ | — | $ | 175.7 | ||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Revenues from: | |||||||||||||||||||||||
External Customers | $ | 77.3 | $ | — | $ | — | $ | 77.3 | |||||||||||||||
Sales to AEP Affiliates | 287.1 | — | — | 287.1 | |||||||||||||||||||
Total Revenues | $ | 364.4 | $ | — | $ | — | $ | 364.4 | |||||||||||||||
Net Income | $ | 118.4 | $ | 0.1 | (a) | $ | — | $ | 118.5 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Revenues from: | Revenues from: | |||||||||||||||||||||||||||||||||||||
External Customers | External Customers | $ | 176.4 | $ | — | $ | — | $ | 176.4 | |||||||||||||||||||||||||||||
Sales to AEP Affiliates | Sales to AEP Affiliates | 710.1 | — | — | 710.1 | |||||||||||||||||||||||||||||||||
Total Revenues | Total Revenues | $ | 886.5 | $ | — | $ | — | $ | 886.5 | |||||||||||||||||||||||||||||
Net Income | Net Income | $ | 335.8 | $ | 2.6 | (a) | $ | — | $ | 338.4 | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | |||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||
Revenues from: | Revenues from: | |||||||||||||||||||||||||||||||||||||
External Customers | $ | 35.9 | $ | — | $ | — | $ | 35.9 | External Customers | $ | 162.3 | $ | — | $ | — | $ | 162.3 | |||||||||||||||||||||
Sales to AEP Affiliates | 131.3 | — | 0.1 | 131.4 | Sales to AEP Affiliates | 602.5 | — | — | 602.5 | |||||||||||||||||||||||||||||
Total Revenues | $ | 167.2 | $ | — | $ | 0.1 | $ | 167.3 | Total Revenues | $ | 764.8 | $ | — | $ | — | $ | 764.8 | |||||||||||||||||||||
Interest Income | $ | — | $ | 19.5 | $ | (19.3 | ) | (a) | $ | 0.2 | ||||||||||||||||||||||||||||
Interest Expense | 16.9 | 19.3 | (19.3 | ) | (a) | 16.9 | ||||||||||||||||||||||||||||||||
Income Tax Expense | 30.2 | — | — | 30.2 | ||||||||||||||||||||||||||||||||||
Equity Earnings in State Transcos | — | 59.8 | (59.8 | ) | (b) | — | ||||||||||||||||||||||||||||||||
Net Income | $ | 59.8 | $ | 59.9 | $ | (59.8 | ) | (b) | $ | 59.9 | Net Income | $ | 273.8 | $ | 0.1 | (a) | $ | — | $ | 273.9 |
June 30, 2023 | |||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Total Assets | $ | 14,626.3 | $ | 5,542.1 | (b) | $ | (5,591.9) | (c) | $ | 14,576.5 | |||||||||||||
December 31, 2022 | |||||||||||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Total Assets | $ | 13,875.6 | $ | 4,817.4 | (b) | $ | (4,878.8) | (c) | $ | 13,814.2 | |||||||||||||
Three Months Ended September 30, 2016 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 33.5 | $ | — | $ | — | $ | 33.5 | |||||||
Sales to AEP Affiliates | 91.8 | — | — | 91.8 | |||||||||||
Total Revenues | $ | 125.3 | $ | — | $ | — | $ | 125.3 | |||||||
Interest Income | $ | — | $ | 14.0 | $ | (13.9 | ) | (a) | $ | 0.1 | |||||
Interest Expense | 11.0 | 13.9 | (13.9 | ) | (a) | 11.0 | |||||||||
Income Tax Expense | 26.4 | — | — | 26.4 | |||||||||||
Equity Earnings in State Transcos | — | 52.3 | (52.3 | ) | (b) | — | |||||||||
Net Income | $ | 52.3 | $ | 52.4 | $ | (52.3 | ) | (b) | $ | 52.4 |
Nine Months Ended September 30, 2017 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 99.2 | $ | — | $ | — | $ | 99.2 | |||||||
Sales to AEP Affiliates | 450.2 | — | — | 450.2 | |||||||||||
Total Revenues | $ | 549.4 | $ | — | $ | — | $ | 549.4 | |||||||
Interest Income | $ | 0.1 | $ | 58.0 | $ | (57.6 | ) | (a) | $ | 0.5 | |||||
Interest Expense | 48.6 | 57.6 | (57.6 | ) | (a) | 48.6 | |||||||||
Income Tax Expense | 114.3 | 0.2 | — | 114.5 | |||||||||||
Equity Earnings in State Transcos | — | 224.0 | (224.0 | ) | (b) | — | |||||||||
Net Income | $ | 224.0 | $ | 224.3 | $ | (224.0 | ) | (b) | $ | 224.3 |
Nine Months Ended September 30, 2016 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Revenues from: | |||||||||||||||
External Customers | $ | 89.6 | $ | — | $ | — | $ | 89.6 | |||||||
Sales to AEP Affiliates | 268.4 | — | — | 268.4 | |||||||||||
Total Revenues | $ | 358.0 | $ | — | $ | — | $ | 358.0 | |||||||
Interest Income | $ | — | $ | 41.8 | $ | (41.6 | ) | (a) | $ | 0.2 | |||||
Interest Expense | 32.3 | 41.6 | (41.6 | ) | (a) | 32.3 | |||||||||
Income Tax Expense | 73.9 | — | — | 73.9 | |||||||||||
Equity Earnings in State Transcos | — | 153.0 | (153.0 | ) | (b) | — | |||||||||
Net Income | $ | 153.0 | $ | 153.0 | $ | (153.0 | ) | (b) | $ | 153.0 |
September 30, 2017 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Total Transmission Property | $ | 6,067.5 | $ | — | $ | — | $ | 6,067.5 | |||||||
Accumulated Depreciation and Amortization | 151.5 | — | — | 151.5 | |||||||||||
Total Transmission Property – Net | $ | 5,916.0 | $ | — | $ | — | $ | 5,916.0 | |||||||
Notes Receivable - Affiliated | $ | — | $ | 2,500.0 | $ | (2,500.0 | ) | (c) | $ | — | |||||
Total Assets | $ | 6,455.2 | $ | 5,010.8 | $ | (4,917.1 | ) | (d) | $ | 6,548.9 | |||||
Total Long-term Debt | $ | 2,475.6 | $ | 2,574.4 | $ | (2,500.0 | ) | (c) | $ | 2,550.0 |
December 31, 2016 | |||||||||||||||
State Transcos | AEPTCo Parent | Reconciling Adjustments | AEPTCo Consolidated | ||||||||||||
(in millions) | |||||||||||||||
Total Transmission Property | $ | 5,054.2 | $ | — | $ | — | $ | 5,054.2 | |||||||
Accumulated Depreciation and Amortization | 99.6 | — | — | 99.6 | |||||||||||
Total Transmission Property – Net | $ | 4,954.6 | $ | — | $ | — | $ | 4,954.6 | |||||||
Notes Receivable - Affiliated | $ | — | $ | 1,950.0 | $ | (1,950.0 | ) | (c) | $ | — | |||||
Total Assets | $ | 5,337.5 | $ | 3,947.8 | $ | (3,935.5 | ) | (d) | $ | 5,349.8 | |||||
Total Long-term Debt | $ | 1,932.0 | $ | 1,950.0 | $ | (1,950.0 | ) | (c) | $ | 1,932.0 |
Primary Risk Exposure | Unit of Measure | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Power | MWhs | 269.9 | — | 29.1 | 9.2 | 2.3 | 8.7 | 6.9 | ||||||||||||||||||||||||||||||||||||||||||
Natural Gas | MMBtus | 136.8 | — | 5.2 | — | — | 28.3 | 7.3 | ||||||||||||||||||||||||||||||||||||||||||
Heating Oil and Gasoline | Gallons | 6.7 | 1.8 | 1.0 | 0.6 | 1.4 | 0.9 | 0.9 | ||||||||||||||||||||||||||||||||||||||||||
Interest Rate | USD | $ | 91.4 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Interest Rate on Long-term Debt | USD | $ | 950.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Primary Risk Exposure | Unit of Measure | AEP | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||
Power | MWhs | 406.0 | 73.7 | 45.8 | 10.6 | 13.7 | 34.5 | |||||||||||||||||||
Coal | Tons | 0.5 | — | 0.2 | — | — | 0.3 | |||||||||||||||||||
Natural Gas | MMBtus | 48.1 | 2.0 | 1.2 | — | — | 18.3 | |||||||||||||||||||
Heating Oil and Gasoline | Gallons | 7.9 | 1.5 | 0.7 | 1.8 | 0.8 | 0.9 | |||||||||||||||||||
Interest Rate | USD | $ | 53.2 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Interest Rate | USD | $ | 1,000.0 | $ | — | $ | — | $ | — | $ | — | $ | — |
Primary Risk Exposure | Unit of Measure | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Power | MWhs | 226.8 | — | 17.9 | 4.2 | 2.5 | 2.9 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||
Natural Gas | MMBtus | 77.1 | — | 1.9 | — | — | 1.9 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||
Heating Oil and Gasoline | Gallons | 6.9 | 1.9 | 1.0 | 0.7 | 1.4 | 0.9 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||
Interest Rate | USD | $ | 99.9 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Interest Rate on Long-term Debt | USD | $ | 1,650.0 | $ | — | $ | — | $ | — | $ | — | $ | 200.0 | $ | — | |||||||||||||||||||||||||||||||||||
Primary Risk Exposure | Unit of Measure | AEP | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Commodity: | ||||||||||||||||||||||||||
Power | MWhs | 348.0 | 51.9 | 19.9 | 11.2 | 11.9 | 14.2 | |||||||||||||||||||
Coal | Tons | 1.5 | — | 0.5 | — | — | 1.0 | |||||||||||||||||||
Natural Gas | MMBtus | 32.8 | — | — | — | — | — | |||||||||||||||||||
Heating Oil and Gasoline | Gallons | 7.4 | 1.4 | 0.7 | 1.6 | 0.8 | 0.9 | |||||||||||||||||||
Interest Rate | USD | $ | 75.2 | $ | 0.1 | $ | 0.1 | $ | — | $ | — | $ | — | |||||||||||||
Interest Rate | USD | $ | 500.0 | $ | — | $ | — | $ | — | $ | — | $ | — |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Cash Collateral | Cash Collateral | Cash Collateral | Cash Collateral | |||||||||||||
Received | Paid | Received | Paid | |||||||||||||
Netted Against | Netted Against | Netted Against | Netted Against | |||||||||||||
Risk Management | Risk Management | Risk Management | Risk Management | |||||||||||||
Company | Assets | Liabilities | Assets | Liabilities | ||||||||||||
(in millions) | ||||||||||||||||
AEP | $ | 3.5 | $ | 17.0 | $ | 7.9 | $ | 7.6 | ||||||||
APCo | 0.4 | 0.3 | 0.5 | 0.7 | ||||||||||||
I&M | 0.3 | 0.1 | 0.3 | 0.4 | ||||||||||||
OPCo | 0.1 | — | 0.2 | — | ||||||||||||
PSO | — | — | 0.1 | — | ||||||||||||
SWEPCo | — | — | 0.1 | — |
June 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Risk Management Contracts | Hedging Contracts | Gross Amounts of Risk Management Assets/ Liabilities Recognized | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | ||||||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Commodity (a) | Interest Rate (a) | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | 721.6 | $ | 43.4 | $ | — | $ | 765.0 | $ | (485.5) | $ | 279.5 | ||||||||||||||||||||||||||
Long-term Risk Management Assets | 466.4 | 95.1 | — | 561.5 | (294.7) | 266.8 | ||||||||||||||||||||||||||||||||
Total Assets | 1,188.0 | 138.5 | — | 1,326.5 | (780.2) | 546.3 | ||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | 631.5 | 12.8 | 42.6 | 686.9 | (510.7) | 176.2 | ||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 418.5 | 6.7 | 82.1 | 507.3 | (232.0) | 275.3 | ||||||||||||||||||||||||||||||||
Total Liabilities | 1,050.0 | 19.5 | 124.7 | 1,194.2 | (742.7) | 451.5 | ||||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 138.0 | $ | 119.0 | $ | (124.7) | $ | 132.3 | $ | (37.5) | $ | 94.8 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Risk Management Contracts | Hedging Contracts | Gross Amounts of Risk Management Assets/ Liabilities Recognized | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | ||||||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Commodity (a) | Interest Rate (a) | |||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | 965.4 | $ | 212.2 | $ | 1.8 | $ | 1,179.4 | $ | (830.6) | $ | 348.8 | ||||||||||||||||||||||||||
Long-term Risk Management Assets | 565.6 | 148.9 | 14.3 | 728.8 | (444.7) | 284.1 | ||||||||||||||||||||||||||||||||
Total Assets | 1,531.0 | 361.1 | 16.1 | 1,908.2 | (1,275.3) | 632.9 | ||||||||||||||||||||||||||||||||
Current Risk Management Liabilities | 663.8 | 60.4 | 41.4 | 765.6 | (620.4) | 145.2 | ||||||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 412.0 | 17.4 | 91.1 | 520.5 | (175.3) | 345.2 | ||||||||||||||||||||||||||||||||
Total Liabilities | 1,075.8 | 77.8 | 132.5 | 1,286.1 | (795.7) | 490.4 | ||||||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 455.2 | $ | 283.3 | $ | (116.4) | $ | 622.1 | $ | (479.6) | $ | 142.5 |
Risk Management Contracts | Hedging Contracts | Gross Amounts of Risk Management Assets/ Liabilities Recognized | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | ||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Commodity (a) | Interest Rate (a) | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Current Risk Management Assets | $ | 277.4 | $ | 8.1 | $ | 4.2 | $ | 289.7 | $ | (143.6 | ) | $ | 146.1 | |||||||||||
Long-term Risk Management Assets | 348.1 | 3.8 | — | 351.9 | (41.5 | ) | 310.4 | |||||||||||||||||
Total Assets | 625.5 | 11.9 | 4.2 | 641.6 | (185.1 | ) | 456.5 | |||||||||||||||||
Current Risk Management Liabilities | 202.2 | 13.5 | 1.4 | 217.1 | (147.7 | ) | 69.4 | |||||||||||||||||
Long-term Risk Management Liabilities | 329.6 | 74.0 | — | 403.6 | (50.9 | ) | 352.7 | |||||||||||||||||
Total Liabilities | 531.8 | 87.5 | 1.4 | 620.7 | (198.6 | ) | 422.1 | |||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 93.7 | $ | (75.6 | ) | $ | 2.8 | $ | 20.9 | $ | 13.5 | $ | 34.4 | |||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Risk Management Contracts | Hedging Contracts | Gross Amounts of Risk Management Assets/ Liabilities Recognized | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | ||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Commodity (a) | Interest Rate (a) | |||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Current Risk Management Assets | $ | 264.4 | $ | 13.2 | $ | — | $ | 277.6 | $ | (183.1 | ) | $ | 94.5 | |||||||||||
Long-term Risk Management Assets | 315.0 | 7.7 | — | 322.7 | (33.6 | ) | 289.1 | |||||||||||||||||
Total Assets | 579.4 | 20.9 | — | 600.3 | (216.7 | ) | 383.6 | |||||||||||||||||
Current Risk Management Liabilities | 227.2 | 6.3 | — | 233.5 | (180.1 | ) | 53.4 | |||||||||||||||||
Long-term Risk Management Liabilities | 301.0 | 50.1 | 1.4 | 352.5 | (36.3 | ) | 316.2 | |||||||||||||||||
Total Liabilities | 528.2 | 56.4 | 1.4 | 586.0 | (216.4 | ) | 369.6 | |||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 51.2 | $ | (35.5 | ) | $ | (1.4 | ) | $ | 14.3 | $ | (0.3 | ) | $ | 14.0 |
June 30, 2023 | ||||||||||||||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Long-term Risk Management Assets | — | — | — | |||||||||||||||||||||||||||||
Total Assets | — | — | — | |||||||||||||||||||||||||||||
Current Risk Management Liabilities | 0.4 | (0.4) | — | |||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 0.1 | (0.1) | — | |||||||||||||||||||||||||||||
Total Liabilities | 0.5 | (0.5) | — | |||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | (0.5) | $ | 0.5 | $ | — |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 50.4 | $ | (20.1 | ) | $ | 30.3 | |||||
Long-term Risk Management Assets | 4.9 | (4.3 | ) | 0.6 | ||||||||
Total Assets | 55.3 | (24.4 | ) | 30.9 | ||||||||
Current Risk Management Liabilities | 20.7 | (19.8 | ) | 0.9 | ||||||||
Long-term Risk Management Liabilities | 4.8 | (4.5 | ) | 0.3 | ||||||||
Total Liabilities | 25.5 | (24.3 | ) | 1.2 | ||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 29.8 | $ | (0.1 | ) | $ | 29.7 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 22.7 | $ | (20.1 | ) | $ | 2.6 | |||||
Long-term Risk Management Assets | 1.9 | (1.9 | ) | — | ||||||||
Total Assets | 24.6 | (22.0 | ) | 2.6 | ||||||||
Current Risk Management Liabilities | 20.6 | (20.3 | ) | 0.3 | ||||||||
Long-term Risk Management Liabilities | 2.8 | (1.9 | ) | 0.9 | ||||||||
Total Liabilities | 23.4 | (22.2 | ) | 1.2 | ||||||||
Total MTM Derivative Contract Net Assets | $ | 1.2 | $ | 0.2 | $ | 1.4 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 27.4 | $ | (15.8 | ) | $ | 11.6 | |||||
Long-term Risk Management Assets | 3.3 | (2.8 | ) | 0.5 | ||||||||
Total Assets | 30.7 | (18.6 | ) | 12.1 | ||||||||
Current Risk Management Liabilities | 17.6 | (15.6 | ) | 2.0 | ||||||||
Long-term Risk Management Liabilities | 3.0 | (2.8 | ) | 0.2 | ||||||||
Total Liabilities | 20.6 | (18.4 | ) | 2.2 | ||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 10.1 | $ | (0.2 | ) | $ | 9.9 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 14.9 | $ | (11.4 | ) | $ | 3.5 | |||||
Long-term Risk Management Assets | 1.1 | (1.1 | ) | — | ||||||||
Total Assets | 16.0 | (12.5 | ) | 3.5 | ||||||||
Current Risk Management Liabilities | 11.8 | (11.5 | ) | 0.3 | ||||||||
Long-term Risk Management Liabilities | 1.9 | (1.1 | ) | 0.8 | ||||||||
Total Liabilities | 13.7 | (12.6 | ) | 1.1 | ||||||||
Total MTM Derivative Contract Net Assets | $ | 2.3 | $ | 0.1 | $ | 2.4 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 0.3 | $ | (0.1 | ) | $ | 0.2 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 0.3 | (0.1 | ) | 0.2 | ||||||||
Current Risk Management Liabilities | 7.6 | — | 7.6 | |||||||||
Long-term Risk Management Liabilities | 130.9 | — | 130.9 | |||||||||
Total Liabilities | 138.5 | — | 138.5 | |||||||||
Total MTM Derivative Contract Net Liabilities | $ | (138.2 | ) | $ | (0.1 | ) | $ | (138.3 | ) |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 0.4 | $ | (0.2 | ) | $ | 0.2 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 0.4 | (0.2 | ) | 0.2 | ||||||||
Current Risk Management Liabilities | 5.9 | — | 5.9 | |||||||||
Long-term Risk Management Liabilities | 113.1 | — | 113.1 | |||||||||
Total Liabilities | 119.0 | — | 119.0 | |||||||||
Total MTM Derivative Contract Net Liabilities | $ | (118.6 | ) | $ | (0.2 | ) | $ | (118.8 | ) |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 4.7 | $ | — | $ | 4.7 | ||||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 4.7 | — | 4.7 | |||||||||
Current Risk Management Liabilities | — | — | — | |||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | — | — | — | |||||||||
Total MTM Derivative Contract Net Assets | $ | 4.7 | $ | — | $ | 4.7 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 0.9 | $ | (0.1 | ) | $ | 0.8 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 0.9 | (0.1 | ) | 0.8 | ||||||||
Current Risk Management Liabilities | — | — | — | |||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | — | — | — | |||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 0.9 | $ | (0.1 | ) | $ | 0.8 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 12.7 | $ | (0.2 | ) | $ | 12.5 | |||||
Long-term Risk Management Assets | 0.7 | — | 0.7 | |||||||||
Total Assets | 13.4 | (0.2 | ) | 13.2 | ||||||||
Current Risk Management Liabilities | 0.3 | (0.2 | ) | 0.1 | ||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | 0.3 | (0.2 | ) | 0.1 | ||||||||
Total MTM Derivative Contract Net Assets | $ | 13.1 | $ | — | $ | 13.1 |
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||
Contracts - | in the Statement of | Presented in the Statement | ||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | of Financial Position (c) | |||||||||
(in millions) | ||||||||||||
Current Risk Management Assets | $ | 1.1 | $ | (0.2 | ) | $ | 0.9 | |||||
Long-term Risk Management Assets | — | — | — | |||||||||
Total Assets | 1.1 | (0.2 | ) | 0.9 | ||||||||
Current Risk Management Liabilities | 0.4 | (0.1 | ) | 0.3 | ||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||
Total Liabilities | 0.4 | (0.1 | ) | 0.3 | ||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | 0.7 | $ | (0.1 | ) | $ | 0.6 |
December 31, 2022 | ||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||
Contracts – | in the | Presented in |
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Current Risk Management Assets | $ | — | $ | — | $ | — | ||||||||||||||
Long-term Risk Management Assets | — | — | — | |||||||||||||||||
Total Assets | — | — | — | |||||||||||||||||
— | — | — |
Long-term Risk Management Liabilities | — | — | — | |||||||||||||||||
Total Liabilities | — | — | — | |||||||||||||||||
$ | — | $ | — | $ | — |
June 30, 2023 | ||||||||||||||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | 42.5 | $ | (3.3) | $ | 39.2 | ||||||||||||||||||||||||||
Long-term Risk Management Assets | 0.6 | (0.4) | 0.2 | |||||||||||||||||||||||||||||
Total Assets | 43.1 | (3.7) | 39.4 | |||||||||||||||||||||||||||||
Current Risk Management Liabilities | 5.1 | (4.0) | 1.1 | |||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 0.4 | (0.4) | — | |||||||||||||||||||||||||||||
Total Liabilities | 5.5 | (4.4) | 1.1 | |||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 37.6 | $ | 0.7 | $ | 38.3 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | 69.3 | $ | (0.2) | $ | 69.1 | ||||||||||||||||||||||||||
Long-term Risk Management Assets | 0.7 | (0.7) | — | |||||||||||||||||||||||||||||
Total Assets | 70.0 | (0.9) | 69.1 | |||||||||||||||||||||||||||||
Current Risk Management Liabilities | 4.1 | (0.5) | 3.6 | |||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 0.7 | (0.6) | 0.1 | |||||||||||||||||||||||||||||
Total Liabilities | 4.8 | (1.1) | 3.7 | |||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 65.2 | $ | 0.2 | $ | 65.4 |
June 30, 2023 | ||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Current Risk Management Assets | $ | 22.3 | $ | (0.9) | $ | 21.4 | ||||||||||||||
Long-term Risk Management Assets | 11.8 | (2.7) | 9.1 | |||||||||||||||||
Total Assets | 34.1 | (3.6) | 30.5 | |||||||||||||||||
Current Risk Management Liabilities | 2.8 | (1.4) | 1.4 | |||||||||||||||||
Long-term Risk Management Liabilities | 2.7 | (2.7) | — | |||||||||||||||||
Total Liabilities | 5.5 | (4.1) | 1.4 | |||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 28.6 | $ | 0.5 | $ | 29.1 |
December 31, 2022 | ||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Current Risk Management Assets | $ | 16.0 | $ | (0.8) | $ | 15.2 | ||||||||||||||
Long-term Risk Management Assets | 0.5 | (0.3) | 0.2 | |||||||||||||||||
Total Assets | 16.5 | (1.1) | 15.4 | |||||||||||||||||
Current Risk Management Liabilities | 0.9 | (0.9) | — | |||||||||||||||||
Long-term Risk Management Liabilities | 0.3 | (0.3) | — | |||||||||||||||||
Total Liabilities | 1.2 | (1.2) | — | |||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 15.3 | $ | 0.1 | $ | 15.4 |
June 30, 2023 | ||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Current Risk Management Assets | $ | — | $ | — | $ | — | ||||||||||||||
Long-term Risk Management Assets | — | — | — | |||||||||||||||||
Total Assets | — | — | — | |||||||||||||||||
Current Risk Management Liabilities | 6.6 | (0.3) | 6.3 | |||||||||||||||||
Long-term Risk Management Liabilities | 47.8 | (0.1) | 47.7 | |||||||||||||||||
Total Liabilities | 54.4 | (0.4) | 54.0 | |||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | (54.4) | $ | 0.4 | $ | (54.0) |
December 31, 2022 | ||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Current Risk Management Assets | $ | — | $ | — | $ | — | ||||||||||||||
Long-term Risk Management Assets | — | — | — | |||||||||||||||||
Total Assets | — | — | — | |||||||||||||||||
Current Risk Management Liabilities | 2.1 | (0.3) | 1.8 | |||||||||||||||||
Long-term Risk Management Liabilities | 37.9 | — | 37.9 | |||||||||||||||||
Total Liabilities | 40.0 | (0.3) | 39.7 | |||||||||||||||||
Total MTM Derivative Contract Net Assets (Liabilities) | $ | (40.0) | $ | 0.3 | $ | (39.7) |
June 30, 2023 | ||||||||||||||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | 47.4 | $ | (2.6) | $ | 44.8 | ||||||||||||||||||||||||||
Long-term Risk Management Assets | 0.2 | (0.2) | — | |||||||||||||||||||||||||||||
Total Assets | 47.6 | (2.8) | 44.8 | |||||||||||||||||||||||||||||
Current Risk Management Liabilities | 5.4 | (2.8) | 2.6 | |||||||||||||||||||||||||||||
Long-term Risk Management Liabilities | 1.0 | (0.2) | 0.8 | |||||||||||||||||||||||||||||
Total Liabilities | 6.4 | (3.0) | 3.4 | |||||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 41.2 | $ | 0.2 | $ | 41.4 |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Risk Management Contracts – | Hedging Contracts | Gross Amounts of Risk Management Assets/Liabilities Recognized | Gross Amounts Offset in the Statement of Financial Position (b) | Net Amounts of Assets/Liabilities Presented in the Statement of Financial Position (c) | ||||||||||||||||||||||||||||
Balance Sheet Location | Commodity (a) | Interest Rate (a) | ||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Current Risk Management Assets | $ | 24.1 | $ | 1.6 | $ | 25.7 | $ | (0.4) | $ | 25.3 | ||||||||||||||||||||||
Long-term Risk Management Assets | — | — | — | — | — | |||||||||||||||||||||||||||
Total Assets | 24.1 | 1.6 | 25.7 | (0.4) | 25.3 | |||||||||||||||||||||||||||
Current Risk Management Liabilities | 2.1 | — | 2.1 | (0.5) | 1.6 | |||||||||||||||||||||||||||
Long-term Risk Management Liabilities | — | — | — | — | — | |||||||||||||||||||||||||||
Total Liabilities | 2.1 | — | 2.1 | (0.5) | 1.6 | |||||||||||||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 22.0 | $ | 1.6 | $ | 23.6 | $ | 0.1 | $ | 23.7 |
June 30, 2023 | ||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Current Risk Management Assets | $ | 28.5 | $ | (0.5) | $ | 28.0 | ||||||||||||||
Long-term Risk Management Assets | — | — | — | |||||||||||||||||
Total Assets | 28.5 | (0.5) | 28.0 | |||||||||||||||||
Current Risk Management Liabilities | 2.4 | (0.8) | 1.6 | |||||||||||||||||
Long-term Risk Management Liabilities | 0.2 | — | 0.2 | |||||||||||||||||
Total Liabilities | 2.6 | (0.8) | 1.8 | |||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 25.9 | $ | 0.3 | $ | 26.2 |
December 31, 2022 | ||||||||||||||||||||
Risk Management | Gross Amounts Offset | Net Amounts of Assets/Liabilities | ||||||||||||||||||
Contracts – | in the Statement of | Presented in the Statement of | ||||||||||||||||||
Balance Sheet Location | Commodity (a) | Financial Position (b) | Financial Position (c) | |||||||||||||||||
(in millions) | ||||||||||||||||||||
Current Risk Management Assets | $ | 16.8 | $ | (0.4) | $ | 16.4 | ||||||||||||||
Long-term Risk Management Assets | — | — | — | |||||||||||||||||
Total Assets | 16.8 | (0.4) | 16.4 | |||||||||||||||||
Current Risk Management Liabilities | 2.0 | (0.6) | 1.4 | |||||||||||||||||
Long-term Risk Management Liabilities | — | — | — | |||||||||||||||||
Total Liabilities | 2.0 | (0.6) | 1.4 | |||||||||||||||||
Total MTM Derivative Contract Net Assets | $ | 14.8 | $ | 0.2 | $ | 15.0 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 17.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Generation & Marketing Revenues | (141.8) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | — | 17.0 | — | — | — | |||||||||||||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 1.3 | — | 1.3 | 0.1 | — | — | — | |||||||||||||||||||||||||||||||||||||
Other Operation | (0.1) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Maintenance | (0.3) | (0.1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Regulatory Assets (a) | (12.4) | (0.1) | 5.9 | (1.6) | (12.8) | (2.3) | (0.9) | |||||||||||||||||||||||||||||||||||||
Regulatory Liabilities (a) | 102.0 | — | 17.4 | 3.6 | — | 42.4 | 33.6 | |||||||||||||||||||||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | (34.3) | $ | (0.2) | $ | 24.6 | $ | 19.1 | $ | (12.8) | $ | 40.1 | $ | 32.7 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 0.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Generation & Marketing Revenues | 121.0 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 0.9 | — | 0.7 | — | — | 0.1 | — | |||||||||||||||||||||||||||||||||||||
Other Operation | 1.7 | 0.5 | 0.2 | 0.2 | 0.3 | 0.2 | 0.3 | |||||||||||||||||||||||||||||||||||||
Maintenance | 2.4 | 0.7 | 0.4 | 0.2 | 0.4 | 0.3 | 0.4 | |||||||||||||||||||||||||||||||||||||
Regulatory Assets (a) | 21.4 | 0.1 | 0.1 | 0.3 | 21.0 | — | (0.1) | |||||||||||||||||||||||||||||||||||||
Regulatory Liabilities (a) | 110.4 | — | 21.6 | 1.5 | 1.6 | 39.0 | 36.9 | |||||||||||||||||||||||||||||||||||||
Total Gain on Risk Management Contracts | $ | 257.9 | $ | 1.3 | $ | 23.0 | $ | 2.2 | $ | 23.3 | $ | 39.6 | $ | 37.5 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 11.7 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Generation & Marketing Revenues | (289.2) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | — | 11.7 | — | — | — | |||||||||||||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 2.0 | — | 1.9 | 0.1 | — | — | — | |||||||||||||||||||||||||||||||||||||
Other Operation | (0.1) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Maintenance | (0.2) | (0.1) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Regulatory Assets (a) | (37.2) | (0.5) | (1.2) | (2.1) | (25.1) | (3.5) | (2.4) | |||||||||||||||||||||||||||||||||||||
Regulatory Liabilities (a) | 100.5 | — | (8.8) | 4.8 | — | 60.4 | 45.5 | |||||||||||||||||||||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | (212.5) | $ | (0.6) | $ | (8.1) | $ | 14.5 | $ | (25.1) | $ | 56.9 | $ | 43.1 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Location of Gain (Loss) | AEP | AEP Texas | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 0.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Generation & Marketing Revenues | 273.3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | — | 0.1 | (0.1) | — | — | — | |||||||||||||||||||||||||||||||||||||
Purchased Electricity, Fuel and Other Consumables Used for Electric Generation | 2.4 | — | 2.1 | — | — | 0.1 | — | |||||||||||||||||||||||||||||||||||||
Other Operation | 2.3 | 0.7 | 0.2 | 0.3 | 0.4 | 0.3 | 0.4 | |||||||||||||||||||||||||||||||||||||
Maintenance | 3.2 | 0.9 | 0.5 | 0.3 | 0.5 | 0.4 | 0.5 | |||||||||||||||||||||||||||||||||||||
Regulatory Assets (a) | 45.0 | 0.1 | — | (1.3) | 44.9 | 3.6 | (2.2) | |||||||||||||||||||||||||||||||||||||
Regulatory Liabilities (a) | 146.9 | 0.9 | 20.2 | 3.2 | 1.6 | 51.7 | 57.8 | |||||||||||||||||||||||||||||||||||||
Total Gain on Risk Management Contracts | $ | 473.2 | $ | 2.6 | $ | 23.1 | $ | 2.4 | $ | 47.4 | $ | 56.1 | $ | 56.5 |
Location of Gain (Loss) | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 0.9 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Generation & Marketing Revenues | 17.7 | — | — | — | — | — | ||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | 0.3 | 0.6 | — | — | (0.1 | ) | |||||||||||||||||
Purchased Electricity for Resale | 1.0 | 0.3 | 0.2 | — | — | — | ||||||||||||||||||
Other Operation | 0.1 | — | — | 0.1 | — | — | ||||||||||||||||||
Maintenance | 0.1 | 0.1 | — | 0.1 | — | — | ||||||||||||||||||
Regulatory Assets (a) | (8.8 | ) | 0.1 | (0.8 | ) | (8.7 | ) | — | 0.3 | |||||||||||||||
Regulatory Liabilities (a) | 15.6 | 3.7 | 2.1 | — | 2.6 | 7.0 | ||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | 26.6 | $ | 4.5 | $ | 2.1 | $ | (8.5 | ) | $ | 2.6 | $ | 7.2 |
Location of Gain (Loss) | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 2.4 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Transmission and Distribution Utilities Revenues | 0.1 | — | — | — | — | — | ||||||||||||||||||
Generation & Marketing Revenues | 9.2 | — | — | — | — | — | ||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | 1.0 | 1.2 | 0.1 | — | (0.1 | ) | |||||||||||||||||
Purchased Electricity for Resale | 1.5 | 0.8 | 0.1 | — | — | — | ||||||||||||||||||
Other Operation | (0.4 | ) | — | — | (0.1 | ) | — | — | ||||||||||||||||
Maintenance | (0.4 | ) | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | (0.1 | ) | |||||||||||||
Regulatory Assets (a) | (22.5 | ) | 5.2 | 1.6 | (95.4 | ) | 0.1 | 2.8 | ||||||||||||||||
Regulatory Liabilities (a) | 28.6 | 16.9 | 5.5 | — | 0.8 | 3.7 | ||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | 18.5 | $ | 23.8 | $ | 8.4 | $ | (95.5 | ) | $ | 0.8 | $ | 6.3 |
Location of Gain (Loss) | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 7.0 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Generation & Marketing Revenues | 38.5 | — | — | — | — | — | ||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | 0.6 | 6.3 | — | — | — | ||||||||||||||||||
Purchased Electricity for Resale | 4.9 | 1.6 | 0.5 | — | — | — | ||||||||||||||||||
Other Operation | 0.5 | — | — | 0.1 | — | — | ||||||||||||||||||
Maintenance | 0.4 | 0.1 | — | 0.1 | — | — | ||||||||||||||||||
Regulatory Assets (a) | (26.8 | ) | — | (1.0 | ) | (25.9 | ) | — | 0.1 | |||||||||||||||
Regulatory Liabilities (a) | 81.8 | 28.2 | 15.3 | — | 13.7 | 22.0 | ||||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | 106.3 | $ | 30.5 | $ | 21.1 | $ | (25.7 | ) | $ | 13.7 | $ | 22.1 |
Location of Gain (Loss) | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Vertically Integrated Utilities Revenues | $ | 3.1 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Transmission and Distribution Utilities Revenues | 0.1 | — | — | — | — | — | ||||||||||||||||||
Generation & Marketing Revenues | 50.1 | — | — | — | — | — | ||||||||||||||||||
Electric Generation, Transmission and Distribution Revenues | — | (0.8 | ) | 3.7 | 0.1 | — | (0.1 | ) | ||||||||||||||||
Sales to AEP Affiliates | — | 2.1 | 5.8 | — | — | — | ||||||||||||||||||
Purchased Electricity for Resale | 4.9 | 2.7 | 0.2 | — | — | — | ||||||||||||||||||
Other Operation | (1.3 | ) | (0.1 | ) | (0.1 | ) | (0.3 | ) | (0.1 | ) | (0.2 | ) | ||||||||||||
Maintenance | (1.6 | ) | (0.3 | ) | (0.1 | ) | (0.3 | ) | (0.2 | ) | (0.2 | ) | ||||||||||||
Regulatory Assets (a) | (51.0 | ) | (7.2 | ) | 3.0 | (115.9 | ) | 0.4 | 5.5 | |||||||||||||||
Regulatory Liabilities (a) | 58.0 | 39.2 | 11.2 | (15.2 | ) | 3.2 | 14.7 | |||||||||||||||||
Total Gain (Loss) on Risk Management Contracts | $ | 62.3 | $ | 35.6 | $ | 23.7 | $ | (131.6 | ) | $ | 3.3 | $ | 19.7 |
Carrying Amount of the Hedged Liabilities | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities | |||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Long-term Debt (a) (b) | $ | (855.1) | $ | (855.5) | $ | 90.8 | $ | 89.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Gain (Loss) on Fair Value Hedging Instruments | $ | 0.1 | $ | (1.1 | ) | $ | (0.1 | ) | $ | 3.0 | |||||
Gain (Loss) on Fair Value Portion of Long-term Debt | (0.1 | ) | 1.1 | 0.1 | (3.0 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Gain (Loss) on Interest Rate Contracts: | |||||||||||||||||||||||
Fair Value Hedging Instruments (a) | $ | (4.2) | $ | (17.6) | $ | 2.7 | $ | (62.4) | |||||||||||||||
Fair Value Portion of Long-term Debt (a) | 4.2 | 17.6 | (2.7) | 62.4 |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Commodity | Interest Rate | Commodity | Interest Rate | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
AOCI Gain Net of Tax | $ | 93.5 | $ | 12.7 | $ | 223.5 | $ | 0.3 | ||||||||||||||||||
Portion Expected to be Reclassed to Net Income During the Next Twelve Months | 24.1 | 4.3 | 119.9 | 0.3 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Commodity | Interest Rate | Commodity | Interest Rate | |||||||||||||
(in millions) | ||||||||||||||||
Hedging Assets (a) | $ | 4.3 | $ | 4.2 | $ | 11.2 | $ | — | ||||||||
Hedging Liabilities (a) | 79.9 | — | 46.7 | — | ||||||||||||
AOCI Gain (Loss) Net of Tax | (49.2 | ) | (12.2 | ) | (23.1 | ) | (15.7 | ) | ||||||||
Portion Expected to be Reclassified to Net Income During the Next Twelve Months | (3.6 | ) | (0.7 | ) | 4.3 | (1.0 | ) |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Interest Rate | ||||||||||||||||||||||||||
Expected to be | Expected to be | |||||||||||||||||||||||||
Reclassified to | Reclassified to | |||||||||||||||||||||||||
Net Income During | Net Income During | |||||||||||||||||||||||||
AOCI Gain (Loss) | the Next | AOCI Gain (Loss) | the Next | |||||||||||||||||||||||
Company | Net of Tax | Twelve Months | Net of Tax | Twelve Months | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
AEP Texas | $ | 2.9 | $ | 0.3 | $ | (0.3) | $ | (0.2) | ||||||||||||||||||
APCo | 6.3 | 0.8 | 6.7 | 0.8 | ||||||||||||||||||||||
I&M | (5.7) | (0.4) | (5.1) | (0.6) | ||||||||||||||||||||||
PSO | (0.2) | — | 1.3 | 0.1 | ||||||||||||||||||||||
SWEPCo | 1.4 | 0.3 | 1.1 | 0.2 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Interest Rate | ||||||||||||||||
Expected to be | Expected to be | |||||||||||||||
Reclassified to | Reclassified to | |||||||||||||||
Net Income During | Net Income During | |||||||||||||||
AOCI Gain (Loss) | the Next | AOCI Gain (Loss) | the Next | |||||||||||||
Company | Net of Tax | Twelve Months | Net of Tax | Twelve Months | ||||||||||||
(in millions) | ||||||||||||||||
APCo | $ | 2.4 | $ | 0.7 | $ | 2.9 | $ | 0.7 | ||||||||
I&M | (11.0 | ) | (1.3 | ) | (12.0 | ) | (1.3 | ) | ||||||||
OPCo | 2.2 | 1.1 | 3.0 | 1.1 | ||||||||||||
PSO | 2.8 | 0.8 | 3.4 | 0.8 | ||||||||||||
SWEPCo | (6.3 | ) | (1.4 | ) | (7.4 | ) | (1.4 | ) |
September 30, 2017 | ||||||||||||
Liabilities for | Additional | |||||||||||
Contracts with Cross | Settlement | |||||||||||
Default Provisions | Liability if Cross | |||||||||||
Prior to Contractual | Amount of Cash | Default Provision | ||||||||||
Company | Netting Arrangements | Collateral Posted | is Triggered | |||||||||
(in millions) | ||||||||||||
AEP | $ | 285.9 | $ | 2.5 | $ | 274.4 | ||||||
APCo | — | — | — | |||||||||
I&M | — | — | — |
December 31, 2016 | ||||||||||||
Liabilities for | Additional | |||||||||||
Contracts with Cross | Settlement | |||||||||||
Default Provisions | Liability if Cross | |||||||||||
Prior to Contractual | Amount of Cash | Default Provision | ||||||||||
Company | Netting Arrangements | Collateral Posted | is Triggered | |||||||||
(in millions) | ||||||||||||
AEP | $ | 259.6 | $ | 0.4 | $ | 235.8 | ||||||
APCo | 0.1 | — | — | |||||||||
I&M | 0.1 | — | — |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Company | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
AEP (a) | $ | 40,142.3 | $ | 36,351.3 | $ | 36,801.0 | $ | 32,915.9 | ||||||||||||||||||
AEP Texas | 5,937.5 | 5,295.5 | 5,657.8 | 5,045.8 | ||||||||||||||||||||||
AEPTCo | 5,473.0 | 4,719.2 | 4,782.8 | 3,940.5 | ||||||||||||||||||||||
APCo | 5,599.7 | 5,298.4 | 5,410.5 | 5,079.2 | ||||||||||||||||||||||
I&M | 3,464.1 | 3,174.2 | 3,260.8 | 2,929.0 | ||||||||||||||||||||||
OPCo | 3,365.6 | 2,878.8 | 2,970.3 | 2,516.6 | ||||||||||||||||||||||
PSO | 2,383.9 | 2,106.1 | 1,912.8 | 1,635.8 | ||||||||||||||||||||||
SWEPCo | 3,645.6 | 3,135.3 | 3,391.6 | 2,870.9 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||
Company | Book Value | Fair Value | Book Value | Fair Value | ||||||||||||||
(in millions) | ||||||||||||||||||
AEP | $ | 20,721.7 | $ | 22,988.8 | $ | 20,391.2 | (a) | $ | 22,211.9 | (a) | ||||||||
AEPTCo | 2,550.0 | 2,720.8 | 1,932.0 | 1,984.3 | ||||||||||||||
APCo | 3,979.3 | 4,721.3 | 4,033.9 | 4,613.2 | ||||||||||||||
I&M | 2,658.5 | 2,898.7 | 2,471.4 | 2,661.6 | ||||||||||||||
OPCo | 1,718.9 | 2,068.9 | 1,763.9 | 2,092.5 | ||||||||||||||
PSO | 1,286.4 | 1,448.0 | 1,286.0 | 1,419.0 | ||||||||||||||
SWEPCo | 2,441.5 | 2,620.7 | 2,679.1 | 2,814.3 |
June 30, 2023 | ||||||||||||||||||||||||||
Gross | Gross | |||||||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||||
Other Temporary Investments and Restricted Cash | Cost | Gains | Losses | Value | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Restricted Cash (a) | $ | 45.8 | $ | — | $ | — | $ | 45.8 | ||||||||||||||||||
Other Cash Deposits | 15.9 | — | — | 15.9 | ||||||||||||||||||||||
Fixed Income Securities – Mutual Funds (b) | 155.7 | — | (8.9) | 146.8 | ||||||||||||||||||||||
Equity Securities – Mutual Funds | 15.4 | 24.4 | — | 39.8 | ||||||||||||||||||||||
Total Other Temporary Investments and Restricted Cash | $ | 232.8 | $ | 24.4 | $ | (8.9) | $ | 248.3 |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | Gross | Gross | ||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||||||||||||
Other Temporary Investments | Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||||||||||
Other Temporary Investments and Restricted Cash | Other Temporary Investments and Restricted Cash | Cost | Gains | Losses | Value | |||||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||
Restricted Cash (a) | $ | 172.9 | $ | — | $ | — | $ | 172.9 | Restricted Cash (a) | $ | 47.1 | $ | — | $ | — | $ | 47.1 | |||||||||||||||||||||||||
Other Cash Deposits | Other Cash Deposits | 9.0 | — | — | 9.0 | |||||||||||||||||||||||||||||||||||||
Fixed Income Securities – Mutual Funds (b) | 103.9 | — | (0.7 | ) | 103.2 | Fixed Income Securities – Mutual Funds (b) | 152.4 | — | (8.3) | 144.1 | ||||||||||||||||||||||||||||||||
Equity Securities – Mutual Funds | 16.8 | 17.8 | — | 34.6 | Equity Securities – Mutual Funds | 15.1 | 19.4 | — | 34.5 | |||||||||||||||||||||||||||||||||
Total Other Temporary Investments | $ | 293.6 | $ | 17.8 | $ | (0.7 | ) | $ | 310.7 | |||||||||||||||||||||||||||||||||
Total Other Temporary Investments and Restricted Cash | Total Other Temporary Investments and Restricted Cash | $ | 223.6 | $ | 19.4 | $ | (8.3) | $ | 234.7 |
December 31, 2016 | ||||||||||||||||
Gross | Gross | |||||||||||||||
Unrealized | Unrealized | Fair | ||||||||||||||
Other Temporary Investments | Cost | Gains | Losses | Value | ||||||||||||
(in millions) | ||||||||||||||||
Restricted Cash (a) | $ | 211.7 | $ | — | $ | — | $ | 211.7 | ||||||||
Fixed Income Securities – Mutual Funds (b) | 92.7 | — | (1.0 | ) | 91.7 | |||||||||||
Equity Securities – Mutual Funds | 14.4 | 13.9 | — | 28.3 | ||||||||||||
Total Other Temporary Investments | $ | 318.8 | $ | 13.9 | $ | (1.0 | ) | $ | 331.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Proceeds from Investment Sales | $ | — | $ | 11.1 | $ | — | $ | 15.0 | |||||||||||||||
Purchases of Investments | 1.3 | 0.8 | 2.3 | 1.6 | |||||||||||||||||||
Gross Realized Gains on Investment Sales | — | 3.3 | — | 3.6 | |||||||||||||||||||
Gross Realized Losses on Investment Sales | — | 0.4 | — | 0.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | |||||||||||||||
Proceeds from Investment Sales | $ | — | $ | — | $ | — | $ | — | |||||||
Purchases of Investments | 12.6 | 0.6 | 13.6 | 1.6 | |||||||||||
Gross Realized Gains on Investment Sales | — | — | — | — | |||||||||||
Gross Realized Losses on Investment Sales | — | — | — | — |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Other-Than- | Gross | Gross | Other-Than- | ||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Unrealized | Temporary | Fair | Unrealized | Unrealized | Temporary | ||||||||||||||||||||||||||||||||||||||||
Value | Gains | Losses | Impairments | Value | Gains | Losses | Impairments | ||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 24.2 | $ | — | $ | — | $ | — | $ | 21.2 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||
Fixed Income Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
United States Government | 1,191.9 | 9.9 | (13.8) | (25.6) | 1,123.8 | 11.8 | (14.9) | (18.8) | |||||||||||||||||||||||||||||||||||||||
Corporate Debt | 68.8 | 0.8 | (6.6) | (1.7) | 61.6 | 0.7 | (7.7) | (9.6) | |||||||||||||||||||||||||||||||||||||||
State and Local Government | 3.3 | — | — | — | 3.3 | 0.1 | — | (0.1) | |||||||||||||||||||||||||||||||||||||||
Subtotal Fixed Income Securities | 1,264.0 | 10.7 | (20.4) | (27.3) | 1,188.7 | 12.6 | (22.6) | (28.5) | |||||||||||||||||||||||||||||||||||||||
Equity Securities - Domestic | 2,360.6 | 1,725.7 | (4.6) | — | 2,131.3 | 1,483.7 | (6.4) | — | |||||||||||||||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | $ | 3,648.8 | $ | 1,736.4 | $ | (25.0) | $ | (27.3) | $ | 3,341.2 | $ | 1,496.3 | $ | (29.0) | $ | (28.5) |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Gross | Other-Than- | Gross | Other-Than- | ||||||||||||||||||||
Fair | Unrealized | Temporary | Fair | Unrealized | Temporary | ||||||||||||||||||
Value | Gains | Impairments | Value | Gains | Impairments | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 20.5 | $ | — | $ | — | $ | 18.7 | $ | — | $ | — | |||||||||||
Fixed Income Securities: | |||||||||||||||||||||||
United States Government | 974.3 | 32.6 | (1.9 | ) | 785.4 | 27.1 | (5.5 | ) | |||||||||||||||
Corporate Debt | 60.0 | 3.5 | (1.2 | ) | 60.9 | 2.3 | (1.4 | ) | |||||||||||||||
State and Local Government | 9.0 | 1.0 | (0.2 | ) | 121.1 | 0.4 | (0.7 | ) | |||||||||||||||
Subtotal Fixed Income Securities | 1,043.3 | 37.1 | (3.3 | ) | 967.4 | 29.8 | (7.6 | ) | |||||||||||||||
Equity Securities - Domestic | 1,369.2 | 783.1 | (75.4 | ) | 1,270.1 | 677.9 | (79.6 | ) | |||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | $ | 2,433.0 | $ | 820.2 | $ | (78.7 | ) | $ | 2,256.2 | $ | 707.7 | $ | (87.2 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Proceeds from Investment Sales | $ | 688.7 | $ | 736.4 | $ | 1,206.3 | $ | 1,229.9 | ||||||||||||||||||
Purchases of Investments | 697.0 | 745.5 | 1,233.3 | 1,253.2 | ||||||||||||||||||||||
Gross Realized Gains on Investment Sales | 6.4 | 10.9 | 54.8 | 16.7 | ||||||||||||||||||||||
Gross Realized Losses on Investment Sales | 3.7 | 17.9 | 12.3 | 25.1 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(in millions) | ||||||||||||||||
Proceeds from Investment Sales | $ | 519.5 | $ | 650.0 | $ | 1,808.6 | $ | 2,427.0 | ||||||||
Purchases of Investments | 525.0 | 656.5 | 1,842.2 | 2,452.9 | ||||||||||||
Gross Realized Gains on Investment Sales | 9.8 | 13.9 | 198.1 | 41.9 | ||||||||||||
Gross Realized Losses on Investment Sales | 5.2 | 6.5 | 145.4 | 22.2 |
Fair Value of Fixed | |||||
Income Securities | |||||
(in millions) | |||||
Within 1 year | $ | 325.0 | |||
After 1 year through 5 years | 496.9 | ||||
After 5 years through 10 years | 219.2 | ||||
After 10 years | 222.9 | ||||
Total | $ | 1,264.0 |
Fair Value of Fixed Income Securities | |||
(in millions) | |||
Within 1 year | $ | 403.6 | |
After 1 year through 5 years | 287.9 | ||
After 5 years through 10 years | 184.2 | ||
After 10 years | 167.6 | ||
Total | $ | 1,043.3 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Other Temporary Investments and Restricted Cash | ||||||||||||||||||||||||||||||||
Restricted Cash | $ | 45.8 | $ | — | $ | — | $ | — | $ | 45.8 | ||||||||||||||||||||||
Other Cash Deposits (a) | — | — | — | 15.9 | 15.9 | |||||||||||||||||||||||||||
Fixed Income Securities – Mutual Funds | 146.8 | — | — | — | 146.8 | |||||||||||||||||||||||||||
Equity Securities – Mutual Funds (b) | 39.8 | — | — | — | 39.8 | |||||||||||||||||||||||||||
Total Other Temporary Investments and Restricted Cash | 232.4 | — | — | 15.9 | 248.3 | |||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | 12.5 | 893.6 | 276.5 | (756.9) | 425.7 | |||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 118.4 | 19.4 | (17.2) | 120.6 | |||||||||||||||||||||||||||
Total Risk Management Assets | 12.5 | 1,012.0 | 295.9 | (774.1) | 546.3 | |||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 13.3 | — | — | 10.9 | 24.2 | |||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
United States Government | — | 1,191.9 | — | — | 1,191.9 | |||||||||||||||||||||||||||
Corporate Debt | — | 68.8 | — | — | 68.8 | |||||||||||||||||||||||||||
State and Local Government | — | 3.3 | — | — | 3.3 | |||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,264.0 | — | — | 1,264.0 | |||||||||||||||||||||||||||
Equity Securities – Domestic (b) | 2,360.6 | — | — | — | 2,360.6 | |||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 2,373.9 | 1,264.0 | — | 10.9 | 3,648.8 | |||||||||||||||||||||||||||
Total Assets | $ | 2,618.8 | $ | 2,276.0 | $ | 295.9 | $ | (747.3) | $ | 4,443.4 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | $ | 26.5 | $ | 848.3 | $ | 169.8 | $ | (719.4) | $ | 325.2 | ||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 18.8 | — | (17.2) | 1.6 | |||||||||||||||||||||||||||
Fair Value Hedges | — | 124.7 | — | — | 124.7 | |||||||||||||||||||||||||||
Total Risk Management Liabilities | $ | 26.5 | $ | 991.8 | $ | 169.8 | $ | (736.6) | $ | 451.5 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Cash and Cash Equivalents (a) | $ | — | $ | — | $ | — | $ | 343.9 | $ | 343.9 | ||||||||||
Other Temporary Investments | ||||||||||||||||||||
Restricted Cash (a) | 158.6 | 1.4 | — | 12.9 | 172.9 | |||||||||||||||
Fixed Income Securities – Mutual Funds | 103.2 | — | — | — | 103.2 | |||||||||||||||
Equity Securities – Mutual Funds (b) | 34.6 | — | — | — | 34.6 | |||||||||||||||
Total Other Temporary Investments | 296.4 | 1.4 | — | 12.9 | 310.7 | |||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | 1.2 | 307.9 | 300.3 | (161.4 | ) | 448.0 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Commodity Hedges (c) | — | 9.1 | 1.3 | (6.1 | ) | 4.3 | ||||||||||||||
Interest Rate/Foreign Currency Hedges | — | 4.2 | — | — | 4.2 | |||||||||||||||
Total Risk Management Assets | 1.2 | 321.2 | 301.6 | (167.5 | ) | 456.5 | ||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||
Cash and Cash Equivalents (e) | 14.0 | — | — | 6.5 | 20.5 | |||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||
United States Government | — | 974.3 | — | — | 974.3 | |||||||||||||||
Corporate Debt | — | 60.0 | — | — | 60.0 | |||||||||||||||
State and Local Government | — | 9.0 | — | — | 9.0 | |||||||||||||||
Subtotal Fixed Income Securities | — | 1,043.3 | — | — | 1,043.3 | |||||||||||||||
Equity Securities – Domestic (b) | 1,369.2 | — | — | — | 1,369.2 | |||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,383.2 | 1,043.3 | — | 6.5 | 2,433.0 | |||||||||||||||
Total Assets | $ | 1,680.8 | $ | 1,365.9 | $ | 301.6 | $ | 195.8 | $ | 3,544.1 | ||||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (d) | $ | 3.2 | $ | 306.6 | $ | 205.9 | $ | (174.9 | ) | $ | 340.8 | |||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Commodity Hedges (c) | — | 35.3 | 50.7 | (6.1 | ) | 79.9 | ||||||||||||||
Fair Value Hedges | — | 1.4 | — | — | 1.4 | |||||||||||||||
Total Risk Management Liabilities | $ | 3.2 | $ | 343.3 | $ | 256.6 | $ | (181.0 | ) | $ | 422.1 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Other Temporary Investments and Restricted Cash | ||||||||||||||||||||||||||||||||
Restricted Cash | $ | 47.1 | $ | — | $ | — | $ | — | $ | 47.1 | ||||||||||||||||||||||
Other Cash Deposits (a) | — | — | — | 9.0 | 9.0 | |||||||||||||||||||||||||||
Fixed Income Securities – Mutual Funds | 144.1 | — | — | — | 144.1 | |||||||||||||||||||||||||||
Equity Securities – Mutual Funds (b) | 34.5 | — | — | — | 34.5 | |||||||||||||||||||||||||||
Total Other Temporary Investments and Restricted Cash | 225.7 | — | — | 9.0 | 234.7 | |||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | 15.0 | 1,197.5 | 314.4 | (1,211.5) | 315.4 | |||||||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 332.6 | 26.7 | (52.8) | 306.5 | |||||||||||||||||||||||||||
Interest Rate Hedges | — | 11.0 | — | — | 11.0 | |||||||||||||||||||||||||||
Total Risk Management Assets | 15.0 | 1,541.1 | 341.1 | (1,264.3) | 632.9 | |||||||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 11.3 | — | — | 9.9 | 21.2 | |||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
United States Government | — | 1,123.8 | — | — | 1,123.8 | |||||||||||||||||||||||||||
Corporate Debt | — | 61.6 | — | — | 61.6 | |||||||||||||||||||||||||||
State and Local Government | — | 3.3 | — | — | 3.3 | |||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,188.7 | — | — | 1,188.7 | |||||||||||||||||||||||||||
Equity Securities – Domestic (b) | 2,131.3 | — | — | — | 2,131.3 | |||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 2,142.6 | 1,188.7 | — | 9.9 | 3,341.2 | |||||||||||||||||||||||||||
Total Assets | $ | 2,383.3 | $ | 2,729.8 | $ | 341.1 | $ | (1,245.4) | $ | 4,208.8 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | $ | 21.8 | $ | 870.9 | $ | 179.0 | $ | (731.9) | $ | 339.8 | ||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Hedges (c) | — | 74.3 | 1.7 | (52.8) | 23.2 | |||||||||||||||||||||||||||
Fair Value Hedges | — | 127.4 | — | — | 127.4 | |||||||||||||||||||||||||||
Total Risk Management Liabilities | $ | 21.8 | $ | 1,072.6 | $ | 180.7 | $ | (784.7) | $ | 490.4 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Cash and Cash Equivalents (a) | $ | 8.7 | $ | — | $ | — | $ | 201.8 | $ | 210.5 | ||||||||||
Other Temporary Investments | ||||||||||||||||||||
Restricted Cash (a) | 173.8 | 5.1 | — | 32.8 | 211.7 | |||||||||||||||
Fixed Income Securities – Mutual Funds | 91.7 | — | — | — | 91.7 | |||||||||||||||
Equity Securities – Mutual Funds (b) | 28.3 | — | — | — | 28.3 | |||||||||||||||
Total Other Temporary Investments | 293.8 | 5.1 | — | 32.8 | 331.7 | |||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | 6.0 | 379.9 | 192.2 | (205.7 | ) | 372.4 | ||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Commodity Hedges (c) | — | 16.8 | 1.7 | (7.3 | ) | 11.2 | ||||||||||||||
Total Risk Management Assets | 6.0 | 396.7 | 193.9 | (213.0 | ) | 383.6 | ||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||
Cash and Cash Equivalents (e) | 7.3 | — | — | 11.4 | 18.7 | |||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||
United States Government | — | 785.4 | — | — | 785.4 | |||||||||||||||
Corporate Debt | — | 60.9 | — | — | 60.9 | |||||||||||||||
State and Local Government | — | 121.1 | — | — | 121.1 | |||||||||||||||
Subtotal Fixed Income Securities | — | 967.4 | — | — | 967.4 | |||||||||||||||
Equity Securities – Domestic (b) | 1,270.1 | — | — | — | 1,270.1 | |||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,277.4 | 967.4 | — | 11.4 | 2,256.2 | |||||||||||||||
Total Assets | $ | 1,585.9 | $ | 1,369.2 | $ | 193.9 | $ | 33.0 | $ | 3,182.0 | ||||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (f) | $ | 8.2 | $ | 352.0 | $ | 166.7 | $ | (205.4 | ) | $ | 321.5 | |||||||||
Cash Flow Hedges: | ||||||||||||||||||||
Commodity Hedges (c) | — | 29.3 | 24.7 | (7.3 | ) | 46.7 | ||||||||||||||
Fair Value Hedges | — | 1.4 | — | — | 1.4 | |||||||||||||||
Total Risk Management Liabilities | $ | 8.2 | $ | 382.7 | $ | 191.4 | $ | (212.7 | ) | $ | 369.6 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 30.7 | $ | — | $ | — | $ | — | $ | 30.7 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) | $ | — | $ | 0.5 | $ | — | $ | (0.5) | $ | — | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding (a) | $ | 8.3 | $ | — | $ | — | $ | 0.1 | $ | 8.4 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 22.2 | 30.0 | (21.3 | ) | 30.9 | ||||||||||||||
Total Assets | $ | 8.3 | $ | 22.2 | $ | 30.0 | $ | (21.2 | ) | $ | 39.3 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 21.8 | $ | 0.6 | $ | (21.2 | ) | $ | 1.2 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 32.7 | $ | — | $ | — | $ | — | $ | 32.7 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 15.1 | $ | — | $ | — | $ | — | $ | 15.1 | ||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 1.6 | 41.1 | (3.3) | 39.4 | |||||||||||||||||||||||||||
Total Assets | $ | 15.1 | $ | 1.6 | $ | 41.1 | $ | (3.3) | $ | 54.5 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 3.4 | $ | 1.7 | $ | (4.0) | $ | 1.1 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Restricted Cash for Securitized Funding | $ | 14.4 | $ | — | $ | — | $ | — | $ | 14.4 | ||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 0.7 | 69.4 | (1.0) | 69.1 | |||||||||||||||||||||||||||
Total Assets | $ | 14.4 | $ | 0.7 | $ | 69.4 | $ | (1.0) | $ | 83.5 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 4.6 | $ | 0.3 | $ | (1.4) | $ | 3.5 | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding (a) | $ | 15.8 | $ | — | $ | — | $ | 0.1 | $ | 15.9 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 20.5 | 3.9 | (21.8 | ) | 2.6 | ||||||||||||||
Total Assets | $ | 15.8 | $ | 20.5 | $ | 3.9 | $ | (21.7 | ) | $ | 18.5 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 20.7 | $ | 2.5 | $ | (22.0 | ) | $ | 1.2 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 25.6 | $ | 8.2 | $ | (3.3) | $ | 30.5 | ||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 13.3 | — | — | 10.9 | 24.2 | |||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
United States Government | — | 1,191.9 | — | — | 1,191.9 | |||||||||||||||||||||||||||
Corporate Debt | — | 68.8 | — | — | 68.8 | |||||||||||||||||||||||||||
State and Local Government | — | 3.3 | — | — | 3.3 | |||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,264.0 | — | — | 1,264.0 | |||||||||||||||||||||||||||
Equity Securities - Domestic (b) | 2,360.6 | — | — | — | 2,360.6 | |||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 2,373.9 | 1,264.0 | — | 10.9 | 3,648.8 | |||||||||||||||||||||||||||
Total Assets | $ | 2,373.9 | $ | 1,289.6 | $ | 8.2 | $ | 7.6 | $ | 3,679.3 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 3.8 | $ | 1.4 | $ | (3.8) | $ | 1.4 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 11.3 | $ | 5.3 | $ | (1.2) | $ | 15.4 | ||||||||||||||||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||||||||||||||
Cash and Cash Equivalents (e) | 11.3 | — | — | 9.9 | 21.2 | |||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||
United States Government | — | 1,123.8 | — | — | 1,123.8 | |||||||||||||||||||||||||||
Corporate Debt | — | 61.6 | — | — | 61.6 | |||||||||||||||||||||||||||
State and Local Government | — | 3.3 | — | — | 3.3 | |||||||||||||||||||||||||||
Subtotal Fixed Income Securities | — | 1,188.7 | — | — | 1,188.7 | |||||||||||||||||||||||||||
Equity Securities - Domestic (b) | 2,131.3 | — | — | — | 2,131.3 | |||||||||||||||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 2,142.6 | 1,188.7 | — | 9.9 | 3,341.2 | |||||||||||||||||||||||||||
Total Assets | $ | 2,142.6 | $ | 1,200.0 | $ | 5.3 | $ | 8.7 | $ | 3,356.6 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.6 | $ | 0.7 | $ | (1.3) | $ | — |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 16.3 | $ | 12.4 | $ | (16.6 | ) | $ | 12.1 | |||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||
Cash and Cash Equivalents (e) | 14.0 | — | — | 6.5 | 20.5 | |||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||
United States Government | — | 974.3 | — | — | 974.3 | |||||||||||||||
Corporate Debt | — | 60.0 | — | — | 60.0 | |||||||||||||||
State and Local Government | — | 9.0 | — | — | 9.0 | |||||||||||||||
Subtotal Fixed Income Securities | — | 1,043.3 | — | — | 1,043.3 | |||||||||||||||
Equity Securities - Domestic (b) | 1,369.2 | — | — | — | 1,369.2 | |||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,383.2 | 1,043.3 | — | 6.5 | 2,433.0 | |||||||||||||||
Total Assets | $ | 1,383.2 | $ | 1,059.6 | $ | 12.4 | $ | (10.1 | ) | $ | 2,445.1 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 16.4 | $ | 2.2 | $ | (16.4 | ) | $ | 2.2 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Liabilities: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.4 | $ | 54.0 | $ | (0.4) | $ | 54.0 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Liabilities: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 40.0 | $ | (0.3) | $ | 39.7 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 12.8 | $ | 3.0 | $ | (12.3 | ) | $ | 3.5 | |||||||||
Spent Nuclear Fuel and Decommissioning Trusts | ||||||||||||||||||||
Cash and Cash Equivalents (e) | 7.3 | — | — | 11.4 | 18.7 | |||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||
United States Government | — | 785.4 | — | — | 785.4 | |||||||||||||||
Corporate Debt | — | 60.9 | — | — | 60.9 | |||||||||||||||
State and Local Government | — | 121.1 | — | — | 121.1 | |||||||||||||||
Subtotal Fixed Income Securities | — | 967.4 | — | — | 967.4 | |||||||||||||||
Equity Securities - Domestic (b) | 1,270.1 | — | — | — | 1,270.1 | |||||||||||||||
Total Spent Nuclear Fuel and Decommissioning Trusts | 1,277.4 | 967.4 | — | 11.4 | 2,256.2 | |||||||||||||||
Total Assets | $ | 1,277.4 | $ | 980.2 | $ | 3.0 | $ | (0.9 | ) | $ | 2,259.7 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 13.3 | $ | 0.2 | $ | (12.4 | ) | $ | 1.1 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 2.9 | $ | 44.7 | $ | (2.8) | $ | 44.8 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 4.8 | $ | 1.6 | $ | (3.0) | $ | 3.4 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 24.0 | $ | 1.3 | $ | 25.3 | ||||||||||||||||||||||
Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Interest Rate Hedges | — | 1.6 | — | (1.6) | — | |||||||||||||||||||||||||||
Total Assets | $ | — | $ | 1.6 | $ | 24.0 | $ | (0.3) | $ | 25.3 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 1.7 | $ | 0.3 | $ | (0.4) | $ | 1.6 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding (a) | $ | 15.6 | $ | — | $ | — | $ | — | $ | 15.6 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 0.3 | — | (0.1 | ) | 0.2 | ||||||||||||||
Total Assets | $ | 15.6 | $ | 0.3 | $ | — | $ | (0.1 | ) | $ | 15.8 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 138.5 | $ | — | $ | 138.5 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.4 | $ | 28.1 | $ | (0.5) | $ | 28.0 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.5 | $ | 2.1 | $ | (0.8) | $ | 1.8 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 2.2 | $ | 14.6 | $ | (0.4) | $ | 16.4 | ||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 1.6 | $ | 0.4 | $ | (0.6) | $ | 1.4 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Restricted Cash for Securitized Funding (a) | $ | — | $ | — | $ | — | $ | 27.2 | $ | 27.2 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 0.4 | — | (0.2 | ) | 0.2 | ||||||||||||||
Total Assets | $ | — | $ | 0.4 | $ | — | $ | 27.0 | $ | 27.4 | ||||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 119.0 | $ | — | $ | 119.0 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 4.8 | $ | (0.1 | ) | $ | 4.7 | |||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | — | $ | 0.1 | $ | (0.1 | ) | $ | — |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.2 | $ | 0.7 | $ | (0.1 | ) | $ | 0.8 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Cash and Cash Equivalents (a) | $ | — | $ | — | $ | — | $ | 2.2 | $ | 2.2 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 0.1 | 13.3 | (0.2 | ) | 13.2 | ||||||||||||||
Total Assets | $ | — | $ | 0.1 | $ | 13.3 | $ | 2.0 | $ | 15.4 | ||||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.1 | $ | 0.2 | $ | (0.2 | ) | $ | 0.1 |
Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Cash and Cash Equivalents (a) | $ | 8.7 | $ | — | $ | — | $ | 1.6 | $ | 10.3 | ||||||||||
Risk Management Assets | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | — | 0.3 | 0.8 | (0.2 | ) | 0.9 | ||||||||||||||
Total Assets | $ | 8.7 | $ | 0.3 | $ | 0.8 | $ | 1.4 | $ | 11.2 | ||||||||||
Liabilities: | ||||||||||||||||||||
Risk Management Liabilities | ||||||||||||||||||||
Risk Management Commodity Contracts (c) (g) | $ | — | $ | 0.3 | $ | 0.1 | $ | (0.1 | ) | $ | 0.3 |
Three Months Ended June 30, 2023 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | 45.1 | $ | 5.7 | $ | 1.1 | $ | (46.9) | $ | 9.3 | $ | 5.8 | ||||||||||||||||||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | (86.8) | (11.9) | (3.2) | (1.4) | (42.1) | (32.8) | ||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | (15.8) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) | 4.7 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Settlements | 62.3 | 6.2 | 2.0 | 1.3 | 32.8 | 27.0 | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 (e) | (3.1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | 119.7 | 39.4 | 6.9 | (7.0) | 43.1 | 26.0 | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | 126.1 | $ | 39.4 | $ | 6.8 | $ | (54.0) | $ | 43.1 | $ | 26.0 | ||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | 82.8 | $ | 6.6 | $ | 1.0 | $ | (68.5) | $ | 6.5 | $ | 15.7 | ||||||||||||||||||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | 38.6 | 5.7 | (0.3) | 0.9 | 11.9 | 19.9 | ||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | (16.8) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) | 5.7 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Settlements | (69.3) | (12.4) | (0.7) | — | (18.4) | (27.9) | ||||||||||||||||||||||||||||||||
Transfers into Level 3 (d) (e) | 2.4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 (e) | 5.8 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | 234.7 | 79.7 | 9.8 | 19.2 | 64.5 | 37.7 | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | 283.9 | $ | 79.6 | $ | 9.8 | $ | (48.4) | $ | 64.5 | $ | 45.4 | ||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance as of June 30, 2017 | $ | 87.3 | $ | 41.3 | $ | 15.5 | $ | (130.5 | ) | $ | 9.5 | $ | 12.4 | |||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (b) (c) | 19.8 | 6.2 | 3.8 | (0.1 | ) | 4.0 | 3.8 | |||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (b) | 14.8 | — | — | — | — | — | ||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | (24.3 | ) | — | — | — | — | — | |||||||||||||||||
Settlements | (49.2 | ) | (16.2 | ) | (8.4 | ) | 1.2 | (6.9 | ) | (7.6 | ) | |||||||||||||
Transfers into Level 3 (d) (e) | 5.7 | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 (e) | 0.2 | — | — | — | — | — | ||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | (9.3 | ) | (1.9 | ) | (0.7 | ) | (9.1 | ) | (1.9 | ) | 4.5 | |||||||||||||
Balance as of September 30, 2017 | $ | 45.0 | $ | 29.4 | $ | 10.2 | $ | (138.5 | ) | $ | 4.7 | $ | 13.1 |
Six Months Ended June 30, 2023 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | 160.4 | $ | 69.1 | $ | 4.6 | $ | (40.0) | $ | 23.7 | $ | 14.2 | ||||||||||||||||||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | (97.5) | (47.9) | (2.3) | (1.7) | (25.5) | (20.3) | ||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | (3.0) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) | (15.0) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Settlements | (23.0) | (21.1) | (2.2) | 2.4 | 1.8 | 6.1 | ||||||||||||||||||||||||||||||||
Transfers into Level 3 (d) (e) | (6.1) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 (e) | (1.3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | 111.6 | 39.3 | 6.7 | (14.7) | 43.1 | 26.0 | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | 126.1 | $ | 39.4 | $ | 6.8 | $ | (54.0) | $ | 43.1 | $ | 26.0 | ||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | 103.1 | $ | 41.7 | $ | (0.7) | $ | (92.5) | $ | 12.1 | $ | 10.9 | ||||||||||||||||||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (a) (b) | 68.1 | 3.0 | 3.7 | 2.4 | 24.2 | 32.5 | ||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (a) | (35.7) | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income (c) | 22.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Settlements | (149.0) | (44.7) | (3.0) | 1.4 | (36.3) | (41.0) | ||||||||||||||||||||||||||||||||
Transfers into Level 3 (d) (e) | 4.4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 (e) | 9.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | 260.9 | 79.6 | 9.8 | 40.3 | 64.5 | 43.0 | ||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | 283.9 | $ | 79.6 | $ | 9.8 | $ | (48.4) | $ | 64.5 | $ | 45.4 |
Three Months Ended September 30, 2016 | AEP | APCo (a) | I&M (a) | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance as of June 30, 2016 | $ | 149.3 | $ | (12.9 | ) | $ | 3.5 | $ | (14.6 | ) | $ | 1.1 | $ | 1.4 | ||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (b) (c) | 34.2 | 22.7 | 3.8 | (0.1 | ) | 0.4 | 4.0 | |||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (b) | 12.3 | — | — | — | — | — | ||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | (34.4 | ) | — | — | — | — | — | |||||||||||||||||
Settlements | (37.1 | ) | (17.9 | ) | (5.0 | ) | 0.9 | (0.7 | ) | (4.4 | ) | |||||||||||||
Transfers into Level 3 (d) (e) | 13.1 | 0.1 | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 (e) | (10.0 | ) | — | — | — | — | — | |||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | (29.0 | ) | 0.9 | 2.2 | (95.3 | ) | 0.3 | 0.3 | ||||||||||||||||
Balance as of September 30, 2016 | $ | 98.4 | $ | (7.1 | ) | $ | 4.5 | $ | (109.1 | ) | $ | 1.1 | $ | 1.3 |
Nine Months Ended September 30, 2017 | AEP | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 2.5 | $ | 1.4 | $ | 2.8 | $ | (119.0 | ) | $ | 0.7 | $ | 0.7 | |||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (b) (c) | 37.4 | 17.2 | 4.0 | (1.0 | ) | 3.1 | 6.0 | |||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (b) | 37.2 | — | — | — | — | — | ||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | (29.5 | ) | — | — | — | — | — | |||||||||||||||||
Settlements | (49.7 | ) | (18.9 | ) | (7.1 | ) | 5.1 | (3.8 | ) | (6.8 | ) | |||||||||||||
Transfers into Level 3 (d) (e) | 16.1 | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 (e) | (9.1 | ) | — | — | — | — | — | |||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | 40.1 | 29.7 | 10.5 | (23.6 | ) | 4.7 | 13.2 | |||||||||||||||||
Balance as of September 30, 2017 | $ | 45.0 | $ | 29.4 | $ | 10.2 | $ | (138.5 | ) | $ | 4.7 | $ | 13.1 |
Nine Months Ended September 30, 2016 | AEP | APCo (a) | I&M (a) | OPCo | PSO | SWEPCo | ||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Balance as of December 31, 2015 | $ | 146.9 | $ | 11.7 | $ | 4.3 | $ | 15.9 | $ | 0.6 | $ | 0.8 | ||||||||||||
Realized Gain (Loss) Included in Net Income (or Changes in Net Assets) (b) (c) | 42.1 | 25.5 | 7.0 | (1.8 | ) | (1.0 | ) | 7.7 | ||||||||||||||||
Unrealized Gain (Loss) Included in Net Income (or Changes in Net Assets) Relating to Assets Still Held at the Reporting Date (b) | 45.5 | — | — | — | — | — | ||||||||||||||||||
Realized and Unrealized Gains (Losses) Included in Other Comprehensive Income | (16.7 | ) | — | — | — | — | — | |||||||||||||||||
Settlements | (67.1 | ) | (36.2 | ) | (10.3 | ) | 4.0 | 0.4 | (8.4 | ) | ||||||||||||||
Transfers into Level 3 (d) (e) | 11.2 | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 (e) | 1.1 | 0.1 | 0.1 | — | — | — | ||||||||||||||||||
Changes in Fair Value Allocated to Regulated Jurisdictions (f) | (64.6 | ) | (8.2 | ) | 3.4 | (127.2 | ) | 1.1 | 1.2 | |||||||||||||||
Balance as of September 30, 2016 | $ | 98.4 | $ | (7.1 | ) | $ | 4.5 | $ | (109.1 | ) | $ | 1.1 | $ | 1.3 |
Significant | Input/Range | |||||||||||||||||||||||||||||||||||||||||||||||||
Type of | Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||||||||||||||||||||||||||||
Company | Input | Assets | Liabilities | Technique | Input | Low | High | Average (c) | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | Energy Contracts | $ | 158.4 | $ | 158.1 | Discounted Cash Flow | Forward Market Price (a) | $ | 1.89 | $ | 90.40 | $ | 44.95 | |||||||||||||||||||||||||||||||||||||
AEP | Natural Gas Contracts | 0.2 | 0.2 | Discounted Cash Flow | Forward Market Price (b) | 2.14 | 4.21 | 3.21 | ||||||||||||||||||||||||||||||||||||||||||
AEP | FTRs | 137.3 | 11.5 | Discounted Cash Flow | Forward Market Price (a) | (17.92) | 11.35 | (0.20) | ||||||||||||||||||||||||||||||||||||||||||
APCo | Natural Gas Contracts | 0.2 | — | Discounted Cash Flow | Forward Market Price (b) | 2.91 | 4.19 | 3.35 | ||||||||||||||||||||||||||||||||||||||||||
APCo | FTRs | 40.9 | 1.7 | Discounted Cash Flow | Forward Market Price (a) | (3.60) | 9.53 | 1.37 | ||||||||||||||||||||||||||||||||||||||||||
I&M | FTRs | 8.2 | 1.4 | Discounted Cash Flow | Forward Market Price (a) | (6.02) | 9.11 | 1.07 | ||||||||||||||||||||||||||||||||||||||||||
OPCo | Energy Contracts | — | 54.0 | Discounted Cash Flow | Forward Market Price (a) | 16.97 | 71.80 | 41.40 | ||||||||||||||||||||||||||||||||||||||||||
PSO | FTRs | 44.7 | 1.6 | Discounted Cash Flow | Forward Market Price (a) | (17.92) | 0.87 | (4.44) | ||||||||||||||||||||||||||||||||||||||||||
SWEPCo | Natural Gas Contracts | — | 0.2 | Discounted Cash Flow | Forward Market Price (b) | 2.91 | 4.19 | 3.35 | ||||||||||||||||||||||||||||||||||||||||||
SWEPCo | FTRs | 28.1 | 1.9 | Discounted Cash Flow | Forward Market Price (a) | (17.92) | 0.87 | (4.44) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 233.8 | $ | 252.6 | Discounted Cash Flow | Forward Market Price (a) | $ | (0.05 | ) | $ | 92.77 | $ | 35.82 | ||||||||||
Counterparty Credit Risk (b) | 10 | 539 | 204 | ||||||||||||||||||||
Natural Gas Contracts | 0.9 | — | Discounted Cash Flow | Forward Market Price (c) | 2.47 | 3.03 | 2.68 | ||||||||||||||||
FTRs | 66.9 | 4.0 | Discounted Cash Flow | Forward Market Price (a) | (9.80 | ) | 9.37 | 0.32 | |||||||||||||||
Total | $ | 301.6 | $ | 256.6 |
Significant | Input/Range | |||||||||||||||||||||||||||||||||||||||||||||||||
Type of | Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||||||||||||||||||||||||||||
Company | Input | Assets | Liabilities | Technique | Input (a) | Low | High | Average (c) | ||||||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | Energy Contracts | $ | 204.0 | $ | 167.4 | Discounted Cash Flow | Forward Market Price | $ | 2.91 | $ | 187.34 | $ | 49.14 | |||||||||||||||||||||||||||||||||||||
AEP | FTRs | 137.1 | 13.3 | Discounted Cash Flow | Forward Market Price | (36.45) | 20.72 | 1.18 | ||||||||||||||||||||||||||||||||||||||||||
APCo | FTRs | 69.4 | 0.3 | Discounted Cash Flow | Forward Market Price | (2.82) | 18.88 | 3.89 | ||||||||||||||||||||||||||||||||||||||||||
I&M | FTRs | 5.3 | 0.7 | Discounted Cash Flow | Forward Market Price | 0.16 | 18.79 | 1.23 | ||||||||||||||||||||||||||||||||||||||||||
OPCo | Energy Contracts | — | 40.0 | Discounted Cash Flow | Forward Market Price | 2.91 | 187.34 | 48.76 | ||||||||||||||||||||||||||||||||||||||||||
PSO | FTRs | 24.0 | 0.3 | Discounted Cash Flow | Forward Market Price | (36.45) | 3.40 | (7.55) | ||||||||||||||||||||||||||||||||||||||||||
SWEPCo | FTRs | 14.6 | 0.4 | Discounted Cash Flow | Forward Market Price | (36.45) | 3.40 | (7.55) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 183.8 | $ | 187.1 | Discounted Cash Flow | Forward Market Price (a) | $ | 6.51 | $ | 86.59 | $ | 39.40 | |||||||||||
Counterparty Credit Risk (b) | 35 | 824 | 391 | ||||||||||||||||||||
FTRs | 10.1 | 4.3 | Discounted Cash Flow | Forward Market Price (a) | (7.99 | ) | 8.91 | 0.86 | |||||||||||||||
Total | $ | 193.9 | $ | 191.4 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 1.0 | $ | 0.4 | Discounted Cash Flow | Forward Market Price | $ | 14.85 | $ | 45.72 | $ | 33.99 | |||||||||||
FTRs | 29.0 | 0.2 | Discounted Cash Flow | Forward Market Price | 0.08 | 6.36 | 1.20 | ||||||||||||||||
Total | $ | 30.0 | $ | 0.6 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 0.4 | $ | 0.4 | Discounted Cash Flow | Forward Market Price | $ | 19.68 | $ | 48.55 | $ | 36.34 | |||||||||||
FTRs | 3.5 | 2.1 | Discounted Cash Flow | Forward Market Price | (0.23 | ) | 8.91 | 2.37 | |||||||||||||||
Total | $ | 3.9 | $ | 2.5 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 0.6 | $ | 0.3 | Discounted Cash Flow | Forward Market Price | $ | 14.85 | $ | 45.72 | $ | 33.99 | |||||||||||
FTRs | 11.8 | 1.9 | Discounted Cash Flow | Forward Market Price | (0.02 | ) | 6.36 | 0.71 | |||||||||||||||
Total | $ | 12.4 | $ | 2.2 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | 0.3 | $ | 0.2 | Discounted Cash Flow | Forward Market Price | $ | 19.68 | $ | 48.55 | $ | 36.34 | |||||||||||
FTRs | 2.7 | — | Discounted Cash Flow | Forward Market Price | (7.90 | ) | 8.91 | 1.32 | |||||||||||||||
Total | $ | 3.0 | $ | 0.2 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | — | $ | 138.5 | Discounted Cash Flow | Forward Market Price (a) | $ | 22.89 | $ | 61.48 | $ | 41.21 | |||||||||||
Counterparty Credit Risk (b) | 10 | 210 | 150 | ||||||||||||||||||||
Total | $ | — | $ | 138.5 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Energy Contracts | $ | — | $ | 119.0 | Discounted Cash Flow | Forward Market Price (a) | $ | 30.14 | $ | 71.85 | $ | 47.45 | |||||||||||
Counterparty Credit Risk (b) | 47 | 340 | 272 | ||||||||||||||||||||
Total | $ | — | $ | 119.0 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 4.8 | $ | 0.1 | Discounted Cash Flow | Forward Market Price | $ | (9.80 | ) | $ | 1.03 | $ | (0.69 | ) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 0.7 | $ | — | Discounted Cash Flow | Forward Market Price | $ | (7.99 | ) | $ | 1.03 | $ | (0.36 | ) |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
Natural Gas Contracts | $ | 0.9 | $ | — | Discounted Cash Flow | Forward Market Price (c) | $ | 2.47 | $ | 3.03 | $ | 2.68 | |||||||||||
FTRs | 12.4 | 0.2 | Discounted Cash Flow | Forward Market Price (a) | (9.80 | ) | 1.03 | (0.69 | ) | ||||||||||||||
$ | 13.3 | $ | 0.2 |
Significant | Input/Range | ||||||||||||||||||||||
Fair Value | Valuation | Unobservable | Weighted | ||||||||||||||||||||
Assets | Liabilities | Technique | Input (a) | Low | High | Average | |||||||||||||||||
(in millions) | |||||||||||||||||||||||
FTRs | $ | 0.8 | $ | 0.1 | Discounted Cash Flow | Forward Market Price | $ | (7.99 | ) | $ | 1.03 | $ | (0.36 | ) |
Significant Unobservable Input | Position | Change in Input | Impact on Fair Value Measurement | |||||||||||||||||
Forward Market Price | Buy | Increase (Decrease) | Higher (Lower) | |||||||||||||||||
Forward Market Price | Sell | Increase (Decrease) | Lower (Higher) | |||||||||||||||||
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||
U.S. Federal Statutory Rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
State Income Tax, net of Federal Benefit | 2.1 | % | 0.6 | % | 2.6 | % | 3.2 | % | 0.7 | % | 0.8 | % | 2.0 | % | (1.6) | % | ||||||||||||||||||||||||||||||||||
Tax Reform Excess ADIT Reversal | (6.2) | % | (1.3) | % | 0.1 | % | (4.5) | % | (6.1) | % | (8.5) | % | (17.2) | % | (4.2) | % | ||||||||||||||||||||||||||||||||||
Production and Investment Tax Credits | (9.9) | % | (0.2) | % | — | % | (0.1) | % | 0.1 | % | — | % | (55.1) | % | (29.2) | % | ||||||||||||||||||||||||||||||||||
Flow Through | (1.0) | % | 0.1 | % | 0.2 | % | (5.1) | % | (4.4) | % | 1.2 | % | 0.3 | % | (0.8) | % | ||||||||||||||||||||||||||||||||||
AFUDC Equity | (1.2) | % | (0.9) | % | (2.1) | % | (1.5) | % | (0.1) | % | (0.7) | % | (1.4) | % | — | % | ||||||||||||||||||||||||||||||||||
Other | 0.4 | % | 0.3 | % | — | % | (0.4) | % | 0.1 | % | 0.1 | % | — | % | 0.7 | % | ||||||||||||||||||||||||||||||||||
Effective Income Tax Rate | 5.2 | % | 19.6 | % | 21.8 | % | 12.6 | % | 11.3 | % | 13.9 | % | (50.4) | % | (14.1) | % | ||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||
U.S. Federal Statutory Rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
State Income Tax, net of Federal Benefit | 1.3 | % | 0.7 | % | 2.9 | % | (1.0) | % | (1.3) | % | 1.0 | % | 3.9 | % | 2.5 | % | ||||||||||||||||||||||||||||||||||
Tax Reform Excess ADIT Reversal | (7.1) | % | (2.1) | % | 0.3 | % | (20.4) | % | (17.2) | % | (7.8) | % | (19.2) | % | (5.2) | % | ||||||||||||||||||||||||||||||||||
Production and Investment Tax Credits | (6.1) | % | (0.6) | % | — | % | — | % | (3.4) | % | — | % | (32.2) | % | (19.8) | % | ||||||||||||||||||||||||||||||||||
Flow Through | (0.1) | % | 0.2 | % | 0.4 | % | (1.4) | % | (1.2) | % | 0.2 | % | 0.3 | % | — | % | ||||||||||||||||||||||||||||||||||
AFUDC Equity | (1.1) | % | (1.4) | % | (2.3) | % | (1.5) | % | (1.3) | % | (0.7) | % | (0.4) | % | (0.5) | % | ||||||||||||||||||||||||||||||||||
Discrete Tax Adjustments | 0.3 | % | — | % | — | % | (6.0) | % | — | % | — | % | — | % | 0.8 | % | ||||||||||||||||||||||||||||||||||
Other | 1.1 | % | 0.1 | % | 0.1 | % | (0.2) | % | 1.3 | % | 0.1 | % | 0.5 | % | (0.1) | % | ||||||||||||||||||||||||||||||||||
Effective Income Tax Rate | 9.3 | % | 17.9 | % | 22.4 | % | (9.5) | % | (2.1) | % | 13.8 | % | (26.1) | % | (1.3) | % | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
Company | 2017 | 2016 | 2017 | 2016 | ||||||||
AEP | 33.0 | % | 40.4 | % | 35.3 | % | (195.6 | )% | ||||
AEPTCo | 33.5 | % | 33.5 | % | 33.8 | % | 32.6 | % | ||||
APCo | 33.4 | % | 36.1 | % | 35.5 | % | 36.2 | % | ||||
I&M | 30.6 | % | 31.8 | % | 30.1 | % | 29.5 | % | ||||
OPCo | 36.9 | % | 31.7 | % | 35.6 | % | 33.4 | % | ||||
PSO | 37.2 | % | 37.7 | % | 37.4 | % | 36.8 | % | ||||
SWEPCo | 21.2 | % | 28.9 | % | 25.7 | % | 26.7 | % |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||
U.S. Federal Statutory Rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
State Income Tax, net of Federal Benefit | 2.0 | % | 0.5 | % | 2.6 | % | 2.6 | % | 2.4 | % | 0.9 | % | 2.0 | % | (1.2) | % | ||||||||||||||||||||||||||||||||||
Tax Reform Excess ADIT Reversal | (6.2) | % | (1.4) | % | 0.2 | % | (4.5) | % | (7.2) | % | (7.6) | % | (17.1) | % | (4.0) | % | ||||||||||||||||||||||||||||||||||
Production and Investment Tax Credits | (9.8) | % | (0.2) | % | — | % | (0.1) | % | (0.6) | % | — | % | (55.2) | % | (28.2) | % | ||||||||||||||||||||||||||||||||||
Flow Through | (0.5) | % | 0.2 | % | 0.2 | % | (0.8) | % | (2.9) | % | 0.8 | % | 0.3 | % | (0.3) | % | ||||||||||||||||||||||||||||||||||
AFUDC Equity | (1.3) | % | (1.1) | % | (1.8) | % | (0.9) | % | (0.3) | % | (0.8) | % | (1.4) | % | (0.3) | % | ||||||||||||||||||||||||||||||||||
Discrete Tax Adjustments | (1.4) | % | — | % | — | % | 2.4 | % | 1.0 | % | — | % | — | % | — | % | ||||||||||||||||||||||||||||||||||
Other | 0.3 | % | 0.2 | % | — | % | (0.1) | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | ||||||||||||||||||||||||||||||||||
Effective Income Tax Rate | 4.1 | % | 19.2 | % | 22.2 | % | 19.6 | % | 13.5 | % | 14.4 | % | (50.3) | % | (12.9) | % |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | |||||||||||||||||||||||||||||||||||||||||||
U.S. Federal Statutory Rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||||||||
Increase (decrease) due to: | ||||||||||||||||||||||||||||||||||||||||||||||||||
State Income Tax, net of Federal Benefit | 1.4 | % | 0.5 | % | 2.7 | % | 1.5 | % | 0.4 | % | 0.9 | % | 3.5 | % | 2.4 | % | ||||||||||||||||||||||||||||||||||
Tax Reform Excess ADIT Reversal | (6.8) | % | (2.0) | % | 0.3 | % | (11.0) | % | (17.2) | % | (7.8) | % | (18.6) | % | (5.1) | % | ||||||||||||||||||||||||||||||||||
Production and Investment Tax Credits | (7.1) | % | (0.4) | % | — | % | — | % | (2.3) | % | — | % | (31.4) | % | (20.8) | % | ||||||||||||||||||||||||||||||||||
Flow Through | 0.1 | % | 0.2 | % | 0.3 | % | 0.6 | % | (1.6) | % | 0.6 | % | 0.3 | % | (0.2) | % | ||||||||||||||||||||||||||||||||||
AFUDC Equity | (1.0) | % | (1.1) | % | (1.9) | % | (1.0) | % | (0.9) | % | (0.6) | % | (0.5) | % | (0.5) | % | ||||||||||||||||||||||||||||||||||
Discrete Tax Adjustments | (0.2) | % | — | % | — | % | (2.6) | % | — | % | — | % | — | % | 0.5 | % | ||||||||||||||||||||||||||||||||||
Other | 0.5 | % | (0.1) | % | 0.2 | % | — | % | 0.4 | % | (0.1) | % | 0.3 | % | — | % | ||||||||||||||||||||||||||||||||||
Effective Income Tax Rate | 7.9 | % | 18.1 | % | 22.6 | % | 8.5 | % | (0.2) | % | 14.0 | % | (25.4) | % | (2.7) | % |
Type of Debt | June 30, 2023 | December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
Senior Unsecured Notes | $ | 33,491.5 | $ | 30,174.8 | ||||||||||
Pollution Control Bonds | 1,770.9 | 1,770.2 | ||||||||||||
Notes Payable | 165.8 | 269.7 | ||||||||||||
Securitization Bonds | 432.1 | 487.8 | ||||||||||||
Spent Nuclear Fuel Obligation (a) | 292.3 | 285.6 | ||||||||||||
Junior Subordinated Notes (b) | 2,385.0 | 2,381.3 | ||||||||||||
Other Long-term Debt | 1,604.7 | 1,431.6 | ||||||||||||
Total Long-term Debt Outstanding | 40,142.3 | 36,801.0 | ||||||||||||
Long-term Debt Due Within One Year | 3,380.3 | 2,486.4 | ||||||||||||
Long-term Debt | $ | 36,762.0 | $ | 34,314.6 |
Type of Debt | September 30, 2017 | December 31, 2016 | |||||||
(in millions) | |||||||||
Senior Unsecured Notes | $ | 16,038.6 | $ | 14,761.0 | (b) | ||||
Pollution Control Bonds | 1,612.4 | 1,725.1 | |||||||
Notes Payable | 224.5 | 326.9 | |||||||
Securitization Bonds | 1,449.4 | 1,705.0 | |||||||
Spent Nuclear Fuel Obligation (a) | 267.9 | 266.3 | |||||||
Other Long-term Debt | 1,128.9 | 1,606.9 | |||||||
Total Long-term Debt Outstanding | 20,721.7 | 20,391.2 | (b) | ||||||
Long-term Debt Due Within One Year | 2,359.3 | 3,013.4 | (b) | ||||||
Long-term Debt | $ | 18,362.4 | $ | 17,377.8 | (b) |
Principal | Interest | |||||||||||||||||||||||||
Company | Type of Debt | Amount (a) | Rate | Due Date | ||||||||||||||||||||||
Issuances: | (in millions) | (%) | ||||||||||||||||||||||||
AEP | Senior Unsecured Notes | $ | 850.0 | 5.63 | 2033 | |||||||||||||||||||||
AEPTCo | Senior Unsecured Notes | 700.0 | 5.40 | 2053 | ||||||||||||||||||||||
AEP Texas | Senior Unsecured Notes | 450.0 | 5.40 | 2033 | ||||||||||||||||||||||
APCo | Other Long-term Debt | 200.0 | Variable | 2024 | ||||||||||||||||||||||
I&M | Senior Unsecured Notes | 500.0 | 5.63 | 2053 | ||||||||||||||||||||||
OPCo | Senior Unsecured Notes | 400.0 | 5.00 | 2033 | ||||||||||||||||||||||
PSO | Senior Unsecured Notes | 475.0 | 5.25 | 2033 | ||||||||||||||||||||||
SWEPCo | Senior Unsecured Notes | 350.0 | 5.30 | 2033 | ||||||||||||||||||||||
Non-Registrant: | ||||||||||||||||||||||||||
KPCo | Pollution Control Bonds | 65.0 | 4.70 | 2026 | ||||||||||||||||||||||
Transource Energy | Other Long-term Debt | 13.0 | Variable | 2025 | ||||||||||||||||||||||
Total Issuances | $ | 4,003.0 |
Principal | Interest | |||||||||||||||||||||||||
Company | Type of Debt | Amount Paid | Rate | Due Date | ||||||||||||||||||||||
Retirements and Principal Payments: | (in millions) | (%) | ||||||||||||||||||||||||
AEP Texas | Senior Unsecured Notes | $ | 125.0 | 3.09 | 2023 | |||||||||||||||||||||
AEP Texas | Securitization Bonds | 31.5 | 2.85 | 2024 | ||||||||||||||||||||||
AEP Texas | Securitization Bonds | 11.7 | 2.06 | 2025 | ||||||||||||||||||||||
APCo | Securitization Bonds | 9.7 | 2.01 | 2023 | ||||||||||||||||||||||
APCo | Securitization Bonds | 3.3 | 3.77 | 2028 | ||||||||||||||||||||||
I&M | Senior Unsecured Notes | 250.0 | 3.20 | 2023 | ||||||||||||||||||||||
I&M | Notes Payable | 1.2 | Variable | 2023 | ||||||||||||||||||||||
I&M | Notes Payable | 2.4 | Variable | 2024 | ||||||||||||||||||||||
I&M | Notes Payable | 9.2 | Variable | 2025 | ||||||||||||||||||||||
I&M | Notes Payable | 7.9 | 0.93 | 2025 | ||||||||||||||||||||||
I&M | Notes Payable | 13.7 | 3.44 | 2026 | ||||||||||||||||||||||
I&M | Notes Payable | 13.6 | 5.93 | 2027 | ||||||||||||||||||||||
I&M | Other Long-term Debt | 1.2 | 6.00 | 2025 | ||||||||||||||||||||||
OPCo | Other Long-term Debt | 0.6 | 1.15 | 2028 | ||||||||||||||||||||||
PSO | Other Long-term Debt | 0.3 | 3.00 | 2027 | ||||||||||||||||||||||
SWEPCo | Notes Payable | 25.0 | 6.37 | 2024 | ||||||||||||||||||||||
SWEPCo | Notes Payable | 30.9 | 4.58 | 2032 | ||||||||||||||||||||||
SWEPCo | Other Long-term Debt | 38.2 | 4.68 | 2028 | ||||||||||||||||||||||
Non-Registrant: | ||||||||||||||||||||||||||
KPCo | Pollution Control Bonds | 65.0 | 2.35 | 2023 | ||||||||||||||||||||||
Transource Energy | Senior Unsecured Notes | 1.3 | 2.75 | 2050 | ||||||||||||||||||||||
Total Retirements and Principal Payments | $ | 641.7 |
Company | Type of Debt | Principal Amount (a) | Interest Rate | Due Date | ||||||
Issuances: | (in millions) | (%) | ||||||||
AEPTCo | Senior Unsecured Notes | $ | 125.0 | 3.10 | 2026 | |||||
AEPTCo | Senior Unsecured Notes | 500.0 | 3.75 | 2047 | ||||||
APCo | Senior Unsecured Notes | 325.0 | 3.30 | 2027 | ||||||
I&M | Pollution Control Bonds | 25.0 | Variable | 2019 | ||||||
I&M | Pollution Control Bonds | 40.0 | 2.05 | 2021 | ||||||
I&M | Pollution Control Bonds | 52.0 | Variable | 2021 | ||||||
I&M | Senior Unsecured Notes | 300.0 | 3.75 | 2047 | ||||||
SWEPCo | Other Long-term Debt | 115.0 | Variable | 2020 | ||||||
Non-Registrant: | ||||||||||
AEP Texas | Pollution Control Bonds | 60.0 | 1.75 | 2020 | ||||||
AEP Texas | Senior Unsecured Notes | 400.0 | 2.40 | 2022 | ||||||
AEP Texas | Senior Unsecured Notes | 300.0 | 3.80 | 2047 | ||||||
KPCo | Pollution Control Bonds | 65.0 | 2.00 | 2020 | ||||||
KPCo | Senior Unsecured Notes | 65.0 | 3.13 | 2024 | ||||||
KPCo | Senior Unsecured Notes | 40.0 | 3.35 | 2027 | ||||||
KPCo | Senior Unsecured Notes | 165.0 | 3.45 | 2029 | ||||||
KPCo | Senior Unsecured Notes | 55.0 | 4.12 | 2047 | ||||||
Transource Missouri | Other Long-term Debt | 7.0 | Variable | 2018 | ||||||
Transource Energy | Other Long-term Debt | 132.1 | Variable | 2020 | ||||||
Total Issuances | $ | 2,771.1 |
Company | Type of Debt | Principal Amount Paid | Interest Rate | Due Date | ||||||
Retirements and Principal Payments: | (in millions) | (%) | ||||||||
APCo | Senior Unsecured Notes | $ | 250.0 | 5.00 | 2017 | |||||
APCo | Securitization Bonds | 23.5 | 2.008 | 2024 | ||||||
APCo | Pollution Control Bonds | 104.4 | Variable | 2017 | ||||||
I&M | �� | Notes Payable | 4.9 | Variable | 2017 | |||||
I&M | Pollution Control Bonds | 25.0 | Variable | 2017 | ||||||
I&M | Notes Payable | 22.3 | Variable | 2019 | ||||||
I&M | Notes Payable | 23.6 | Variable | 2019 | ||||||
I&M | Notes Payable | 23.9 | Variable | 2020 | ||||||
I&M | Pollution Control Bonds | 52.0 | Variable | 2017 | ||||||
I&M | Notes Payable | 24.3 | Variable | 2021 | ||||||
I&M | Other Long-term Debt | 1.1 | 6.00 | 2025 | ||||||
I&M | Pollution Control Bonds | 50.0 | Variable | 2025 | ||||||
OPCo | Securitization Bonds | 16.2 | 0.958 | 2017 | ||||||
OPCo | Securitization Bonds | 22.5 | 0.958 | 2018 | ||||||
OPCo | Securitization Bonds | 7.6 | 2.049 | 2019 | ||||||
OPCo | Other Long-term Debt | 0.1 | 1.149 | 2028 | ||||||
PSO | Other Long-term Debt | 0.3 | 3.00 | 2027 | ||||||
SWEPCo | Senior Unsecured Notes | 250.0 | 5.55 | 2017 | ||||||
SWEPCo | Other Long-term Debt | 100.0 | Variable | 2017 | ||||||
SWEPCo | Other Long-term Debt | 0.2 | 3.50 | 2023 | ||||||
SWEPCo | Other Long-term Debt | 0.1 | 4.28 | 2023 | ||||||
SWEPCo | Notes Payable | 3.3 | 4.58 | 2032 | ||||||
Non-Registrant: | ||||||||||
AEGCo | Senior Unsecured Notes | 152.7 | 6.33 | 2037 | ||||||
AGR | Other Long-term Debt | 500.0 | Variable | 2017 | ||||||
KPCo | Pollution Control Bonds | 65.0 | Variable | 2017 | ||||||
KPCo | Senior Unsecured Notes | 325.0 | 6.00 | 2017 | ||||||
TCC | Securitization Bonds | 27.2 | 0.88 | 2017 | ||||||
TCC | Securitization Bonds | 161.2 | 5.17 | 2018 | ||||||
TCC | Pollution Control Bonds | 60.0 | 5.20 | 2030 | ||||||
Transource Missouri | Other Long-term Debt | 130.8 | Variable | 2018 | ||||||
Total Retirements and Principal Payments | $ | 2,427.2 |
Maximum | Average | Net Loans to | |||||||||||||||||||||||||||||||||||||||
Borrowings | Maximum | Borrowings | Average | (Borrowings from) | Authorized | ||||||||||||||||||||||||||||||||||||
from the | Loans to the | from the | Loans to the | the Utility Money | Short-term | ||||||||||||||||||||||||||||||||||||
Utility | Utility | Utility | Utility | Pool as of | Borrowing | ||||||||||||||||||||||||||||||||||||
Company | Money Pool | Money Pool | Money Pool | Money Pool | June 30, 2023 | Limit | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
AEP Texas | $ | 477.5 | $ | — | $ | 279.9 | $ | — | $ | (135.9) | $ | 500.0 | |||||||||||||||||||||||||||||
AEPTCo | 471.3 | 309.4 | 153.1 | 85.9 | 26.9 | 820.0 | (a) | ||||||||||||||||||||||||||||||||||
APCo | 388.6 | 19.8 | 295.0 | 18.9 | (247.2) | 500.0 | |||||||||||||||||||||||||||||||||||
I&M | 475.3 | 100.3 | 174.0 | 43.0 | 40.5 | 500.0 | |||||||||||||||||||||||||||||||||||
OPCo | 485.7 | 64.7 | 266.4 | 40.2 | (72.3) | 500.0 | |||||||||||||||||||||||||||||||||||
PSO | 375.0 | 121.5 | 127.5 | 74.8 | (68.1) | 400.0 | |||||||||||||||||||||||||||||||||||
SWEPCo | 401.6 | (b) | — | 220.6 | — | (32.6) | 400.0 |
Maximum | Average | Net Loans to | |||||||||||||||||||||||
Borrowings | Maximum | Borrowings | Average | (Borrowings from) | Authorized | ||||||||||||||||||||
from the | Loans to the | from the | Loans to the | the Utility Money | Short-term | ||||||||||||||||||||
Utility | Utility | Utility | Utility | Pool as of | Borrowing | ||||||||||||||||||||
Company | Money Pool | Money Pool | Money Pool | Money Pool | September 30, 2017 | Limit | |||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
AEPTCo | $ | 467.2 | $ | 194.8 | $ | 235.7 | $ | 19.3 | $ | 162.9 | $ | 795.0 | (a) | ||||||||||||
APCo | 231.5 | 160.7 | 152.2 | 32.2 | (45.9 | ) | 600.0 | ||||||||||||||||||
I&M | 367.4 | 12.6 | 205.7 | 12.6 | (164.9 | ) | 500.0 | ||||||||||||||||||
OPCo | 280.6 | 56.2 | 141.0 | 27.9 | (167.6 | ) | 400.0 | ||||||||||||||||||
PSO | 185.2 | — | 121.3 | — | (118.0 | ) | 300.0 | ||||||||||||||||||
SWEPCo | 187.5 | 178.6 | 109.6 | 169.5 | (48.3 | ) | 350.0 |
Maximum Loans | Average Loans | Loans to the Nonutility | ||||||||||||||||||
to the Nonutility | to the Nonutility | Money Pool as of | ||||||||||||||||||
Company | Money Pool | Money Pool | June 30, 2023 | |||||||||||||||||
(in millions) | ||||||||||||||||||||
AEP Texas | $ | 6.9 | $ | 6.8 | $ | 6.9 | ||||||||||||||
SWEPCo | 2.2 | 2.1 | 2.2 |
Maximum | Average | Loans | ||||||||
Loans | Loans | to the Nonutility | ||||||||
to the Nonutility | to the Nonutility | Money Pool as of | ||||||||
Money Pool | Money Pool | September 30, 2017 | ||||||||
(in millions) | ||||||||||
$ | 2.0 | $ | 2.0 | $ | 2.0 |
Maximum | Maximum | Average | Average | Borrowings from | Loans to | Authorized | |||||||||||||||||||||||||||||||||||
Borrowings | Loans | Borrowings | Loans | AEP as of | AEP as of | Short-term | |||||||||||||||||||||||||||||||||||
from AEP | to AEP | from AEP | to AEP | June 30, 2023 | June 30, 2023 | Borrowing Limit | |||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
$ | 29.4 | $ | 158.1 | $ | 2.9 | $ | 70.2 | $ | 21.9 | $ | — | $ | 50.0 | (a) |
Maximum | Maximum | Average | Average | Borrowings from | Loans to | Authorized | |||||||||||||||||||||
Borrowings | Loans | Borrowings | Loans | AEP as of | AEP as of | Short-term | |||||||||||||||||||||
from AEP | to AEP | from AEP | to AEP | September 30, 2017 | September 30, 2017 | Borrowing Limit | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
$ | 1.1 | $ | 151.9 | $ | 1.1 | $ | 38.9 | $ | 0.9 | $ | 96.1 | $ | 75.0 | (a) |
(a) Amount represents the combined authorized short-term borrowing limit the State Transcos have from FERC or state regulatory commissions. |
Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Maximum Interest Rate | 5.69 | % | 2.11 | % | ||||||||||
Minimum Interest Rate | 4.66 | % | 0.10 | % |
Nine Months Ended September 30, | ||||||
2017 | 2016 | |||||
Maximum Interest Rate | 1.49 | % | 0.91 | % | ||
Minimum Interest Rate | 0.92 | % | 0.69 | % |
Average Interest Rate for Funds | Average Interest Rate for Funds | |||||||||||||||||||||||||
Borrowed from the Utility Money Pool | Loaned to the Utility Money Pool | |||||||||||||||||||||||||
for Six Months Ended June 30, | for Six Months Ended June 30, | |||||||||||||||||||||||||
Company | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
AEP Texas | 5.35 | % | 0.90 | % | — | % | 1.48 | % | ||||||||||||||||||
AEPTCo | 5.16 | % | 0.93 | % | 5.46 | % | 1.49 | % | ||||||||||||||||||
APCo | 5.36 | % | 1.08 | % | 5.35 | % | 0.95 | % | ||||||||||||||||||
I&M | 5.13 | % | 0.92 | % | 5.42 | % | 0.96 | % | ||||||||||||||||||
OPCo | 5.30 | % | 0.83 | % | 5.60 | % | 1.20 | % | ||||||||||||||||||
PSO | 5.47 | % | 1.17 | % | 5.11 | % | 0.65 | % | ||||||||||||||||||
SWEPCo | 5.22 | % | 1.25 | % | — | % | 0.55 | % |
Average Interest Rate | Average Interest Rate | |||||||||||
for Funds Borrowed | for Funds Loaned | |||||||||||
from the Utility Money Pool for | to the Utility Money Pool for | |||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
Company | 2017 | 2016 | 2017 | 2016 | ||||||||
AEPTCo | 1.36 | % | 0.82 | % | 1.04 | % | 0.74 | % | ||||
APCo | 1.24 | % | 0.78 | % | 1.28 | % | 0.79 | % | ||||
I&M | 1.24 | % | 0.73 | % | 1.27 | % | 0.78 | % | ||||
OPCo | 1.40 | % | 0.85 | % | 0.98 | % | 0.74 | % | ||||
PSO | 1.30 | % | 0.76 | % | — | % | 0.81 | % | ||||
SWEPCo | 1.26 | % | 0.79 | % | 0.98 | % | 0.91 | % |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||
Maximum | Minimum | Average | Maximum | Minimum | Average | |||||||||||||||||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | |||||||||||||||||||||||||||||||||
for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | |||||||||||||||||||||||||||||||||
Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | Loaned to | |||||||||||||||||||||||||||||||||
the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | the Nonutility | |||||||||||||||||||||||||||||||||
Company | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | Money Pool | ||||||||||||||||||||||||||||||||
AEP Texas | 5.69 | % | 4.66 | % | 5.35 | % | 2.11 | % | 0.46 | % | 0.98 | % | ||||||||||||||||||||||||||
SWEPCo | 5.69 | % | 4.66 | % | 5.35 | % | 2.11 | % | 0.46 | % | 0.98 | % |
Maximum | Minimum | Average | |||||||
Interest Rate | Interest Rate | Interest Rate | |||||||
Nine Months | for Funds Loaned | for Funds Loaned | for Funds Loaned | ||||||
Ended | to the Nonutility | to the Nonutility | to the Nonutility | ||||||
September 30, | Money Pool | Money Pool | Money Pool | ||||||
2017 | 1.49 | % | — | % | 1.27 | % | |||
2016 | 0.91 | % | 0.69 | % | 0.79 | % |
Maximum | Minimum | Maximum | Minimum | Average | Average | |||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | |||||||||||||
Nine Months | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | ||||||||||||
Ended | Borrowed | Borrowed | Loaned | Loaned | Borrowed | Loaned | ||||||||||||
September 30, | from AEP | from AEP | to AEP | to AEP | from AEP | to AEP | ||||||||||||
2017 | 1.49 | % | 0.92 | % | 1.49 | % | 0.92 | % | 1.27 | % | 1.31 | % | ||||||
2016 | 0.91 | % | 0.69 | % | 0.91 | % | 0.69 | % | 0.80 | % | 0.81 | % |
Maximum | Minimum | Maximum | Minimum | Average | Average | |||||||||||||||||||||||||||||||||
Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | |||||||||||||||||||||||||||||||||
Six Months | for Funds | for Funds | for Funds | for Funds | for Funds | for Funds | ||||||||||||||||||||||||||||||||
Ended | Borrowed | Borrowed | Loaned | Loaned | Borrowed | Loaned | ||||||||||||||||||||||||||||||||
June 30, | from AEP | from AEP | to AEP | to AEP | from AEP | to AEP | ||||||||||||||||||||||||||||||||
2023 | 5.69 | % | 4.53 | % | 5.69 | % | 4.53 | % | 5.27 | % | 5.35 | % | ||||||||||||||||||||||||||
2022 | 2.11 | % | 0.46 | % | 2.11 | % | 0.46 | % | 1.02 | % | 0.89 | % |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Outstanding | Interest | Outstanding | Interest | |||||||||||||||||||||||||||||
Company | Type of Debt | Amount | Rate (a) | Amount | Rate (a) | |||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||
AEP | Securitized Debt for Receivables (b) | $ | 750.0 | 5.45 | % | $ | 750.0 | 4.67 | % | |||||||||||||||||||||||
AEP | Commercial Paper | 2,238.7 | 5.50 | % | 2,862.2 | 4.80 | % | |||||||||||||||||||||||||
AEP | Term Loan | 500.0 | 6.08 | % | — | — | % | |||||||||||||||||||||||||
AEP | Term Loan | 150.0 | 5.94 | % | 150.0 | 5.17 | % | |||||||||||||||||||||||||
AEP | Term Loan | 125.0 | 5.94 | % | 125.0 | 5.17 | % | |||||||||||||||||||||||||
AEP | Term Loan | 100.0 | 5.94 | % | 100.0 | 5.23 | % | |||||||||||||||||||||||||
AEP | Term Loan | — | — | % | 125.0 | 4.87 | % | |||||||||||||||||||||||||
SWEPCo | Notes Payable | 3.9 | 7.53 | % | — | — | % | |||||||||||||||||||||||||
AEP | Total Short-term Debt | $ | 3,867.6 | $ | 4,112.2 |
September 30, 2017 | December 31, 2016 | |||||||||||||||
Company | Type of Debt | Outstanding Amount | Interest Rate (a) | Outstanding Amount | Interest Rate (a) | |||||||||||
(in millions) | (in millions) | |||||||||||||||
AEP | Securitized Debt for Receivables (b) | $ | 750.0 | 1.17 | % | $ | 673.0 | 0.70 | % | |||||||
AEP | Commercial Paper | 295.0 | 1.39 | % | 1,040.0 | 1.02 | % | |||||||||
SWEPCo | Notes Payable | 14.3 | 2.88 | % | — | — | % | |||||||||
Total Short-term Debt | $ | 1,059.3 | $ | 1,713.0 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||
Effective Interest Rates on Securitization of Accounts Receivable | 5.25 | % | 0.91 | % | 5.06 | % | 0.61 | % | ||||||||||||||||||
Net Uncollectible Accounts Receivable Written-Off | $ | 7.3 | $ | 6.2 | $ | 14.1 | $ | 13.6 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
(dollars in millions) | ||||||||||||||||
Effective Interest Rates on Securitization of Accounts Receivable | 1.33 | % | 0.73 | % | 1.17 | % | 0.65 | % | ||||||||
Net Uncollectible Accounts Receivable Written Off | $ | 7.0 | $ | 7.7 | $ | 18.2 | $ | 17.5 |
June 30, 2023 | December 31, 2022 | |||||||||||||
(in millions) | ||||||||||||||
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts | $ | 1,184.9 | $ | 1,167.7 | ||||||||||
Short-term – Securitized Debt of Receivables | 750.0 | 750.0 | ||||||||||||
Delinquent Securitized Accounts Receivable | 49.4 | 44.2 | ||||||||||||
Bad Debt Reserves Related to Securitization | 41.7 | 39.7 | ||||||||||||
Unbilled Receivables Related to Securitization | 392.4 | 360.9 |
September 30, 2017 | December 31, 2016 | |||||||
(in millions) | ||||||||
Accounts Receivable Retained Interest and Pledged as Collateral Less Uncollectible Accounts | $ | 939.8 | $ | 945.0 | ||||
Short-term – Securitized Debt of Receivables | 750.0 | 673.0 | ||||||
Delinquent Securitized Accounts Receivable | 44.3 | 42.7 | ||||||
Bad Debt Reserves Related to Securitization | 27.8 | 27.7 | ||||||
Unbilled Receivables Related to Securitization | 264.2 | 322.1 |
Company | June 30, 2023 | December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
APCo | $ | 181.9 | $ | 194.4 | ||||||||||
I&M | 177.3 | 166.9 | ||||||||||||
OPCo | 477.4 | 478.6 | ||||||||||||
PSO | 177.8 | 155.5 | ||||||||||||
SWEPCo | 191.6 | 194.0 |
Company | September 30, 2017 | December 31, 2016 | ||||||
(in millions) | ||||||||
APCo | $ | 116.9 | $ | 142.0 | ||||
I&M | 132.7 | 136.7 | ||||||
OPCo | 356.3 | 388.3 | ||||||
PSO | 143.4 | 110.4 | ||||||
SWEPCo | 167.1 | 130.9 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Company | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
APCo | $ | 4.3 | $ | 1.5 | $ | 9.2 | $ | 2.8 | ||||||||||||||||||
I&M | 3.9 | 2.0 | 7.8 | 3.7 | ||||||||||||||||||||||
OPCo | 7.6 | 7.5 | 14.9 | 14.9 | ||||||||||||||||||||||
PSO | 3.5 | 1.3 | 6.7 | 2.2 | ||||||||||||||||||||||
SWEPCo | 4.4 | 1.5 | 8.7 | 2.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Company | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | ||||||||||||||||
APCo | $ | 1.5 | $ | 1.6 | $ | 4.2 | $ | 5.4 | ||||||||
I&M | 1.8 | 2.0 | 4.9 | 5.6 | ||||||||||||
OPCo | 6.1 | 8.1 | 16.5 | 23.4 | ||||||||||||
PSO | 2.0 | 1.8 | 5.2 | 4.7 | ||||||||||||
SWEPCo | 2.0 | 2.1 | 5.4 | 5.3 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
Company | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
APCo | $ | 414.9 | $ | 339.0 | $ | 921.1 | $ | 754.5 | ||||||||||||||||||
I&M | 497.2 | 502.4 | 1,022.6 | 1,015.8 | ||||||||||||||||||||||
OPCo | 783.9 | 693.3 | 1,668.3 | 1,409.9 | ||||||||||||||||||||||
PSO | 460.2 | 428.5 | 876.5 | 791.9 | ||||||||||||||||||||||
SWEPCo | 460.5 | 437.2 | 898.1 | 831.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Company | 2017 | 2016 | 2017 | 2016 | ||||||||||||
(in millions) | ||||||||||||||||
APCo | $ | 335.5 | $ | 361.7 | $ | 1,029.4 | $ | 1,071.6 | ||||||||
I&M | 409.9 | 448.0 | 1,218.9 | 1,220.2 | ||||||||||||
OPCo | 616.3 | 750.9 | 1,741.7 | 2,011.2 | ||||||||||||
PSO | 407.0 | 390.6 | 1,022.6 | 971.9 | ||||||||||||
SWEPCo | 455.0 | 460.4 | 1,200.8 | 1,183.9 |
American Electric Power Company, Inc. and Subsidiary Companies | ||||||||||||||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||||||||||||||
June 30, 2023 | ||||||||||||||||||||||||||||||||
Registrant Subsidiaries | ||||||||||||||||||||||||||||||||
SWEPCo Sabine | I&M DCC Fuel | AEP Texas Transition Funding | AEP Texas Restoration Funding | APCo Appalachian Consumer Rate Relief Funding | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current Assets | $ | 5.8 | $ | 72.5 | $ | 26.9 | $ | 25.4 | $ | 13.3 | ||||||||||||||||||||||
Net Property, Plant and Equipment | — | 129.3 | — | — | — | |||||||||||||||||||||||||||
Other Noncurrent Assets | 129.7 | 63.6 | 109.5 | (a) | 157.2 | (b) | 151.8 | (c) | ||||||||||||||||||||||||
Total Assets | $ | 135.5 | $ | 265.4 | $ | 136.4 | $ | 182.6 | $ | 165.1 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current Liabilities | $ | 19.8 | $ | 72.4 | $ | 74.5 | $ | 36.7 | $ | 29.6 | ||||||||||||||||||||||
Noncurrent Liabilities | 115.6 | 193.0 | 57.5 | 144.7 | 133.6 | |||||||||||||||||||||||||||
Equity | 0.1 | — | 4.4 | 1.2 | 1.9 | |||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 135.5 | $ | 265.4 | $ | 136.4 | $ | 182.6 | $ | 165.1 |
American Electric Power Company, Inc. and Subsidiary Companies | |||||||||||||||||
Variable Interest Entities | |||||||||||||||||
June 30, 2023 | |||||||||||||||||
Other Consolidated VIEs | |||||||||||||||||
AEP Credit | Protected Cell of EIS | Transource Energy | |||||||||||||||
(in millions) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current Assets | $ | 1,186.0 | $ | 195.1 | $ | 29.3 | |||||||||||
Net Property, Plant and Equipment | — | — | 496.6 | ||||||||||||||
Other Noncurrent Assets | 9.4 | — | 5.3 | ||||||||||||||
Total Assets | $ | 1,195.4 | $ | 195.1 | $ | 531.2 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Current Liabilities | $ | 1,132.8 | $ | 39.7 | $ | 21.1 | |||||||||||
Noncurrent Liabilities | 0.9 | 81.9 | 232.0 | ||||||||||||||
Equity | 61.7 | 73.5 | 278.1 | ||||||||||||||
Total Liabilities and Equity | $ | 1,195.4 | $ | 195.1 | $ | 531.2 |
American Electric Power Company, Inc. and Subsidiary Companies | ||||||||||||||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Registrant Subsidiaries | ||||||||||||||||||||||||||||||||
SWEPCo Sabine | I&M DCC Fuel | AEP Texas Transition Funding | AEP Texas Restoration Funding | APCo Appalachian Consumer Rate Relief Funding | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current Assets | $ | 108.3 | $ | 90.2 | $ | 27.0 | $ | 21.1 | $ | 13.5 | ||||||||||||||||||||||
Net Property, Plant and Equipment | 7.2 | 179.1 | — | — | — | |||||||||||||||||||||||||||
Other Noncurrent Assets | 130.0 | 94.0 | 140.9 | (a) | 168.8 | (b) | 164.6 | (c) | ||||||||||||||||||||||||
Total Assets | $ | 245.5 | $ | 363.3 | $ | 167.9 | $ | 189.9 | $ | 178.1 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current Liabilities | $ | 25.4 | $ | 90.0 | $ | 73.2 | $ | 31.3 | $ | 29.3 | ||||||||||||||||||||||
Noncurrent Liabilities | 219.4 | 273.3 | 90.4 | 157.4 | 146.9 | |||||||||||||||||||||||||||
Equity | 0.7 | — | 4.3 | 1.2 | 1.9 | |||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 245.5 | $ | 363.3 | $ | 167.9 | $ | 189.9 | $ | 178.1 |
American Electric Power Company, Inc. and Subsidiary Companies | |||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Other Consolidated VIEs | |||||||||||||||||||||||||||||||||||||||||
AEP Credit | Protected Cell of EIS | Transource Energy | Apple Blossom and Black Oak | Santa Rita East | Dry Lake | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||
Current Assets | $ | 1,181.0 | $ | 194.5 | $ | 23.5 | $ | 8.3 | $ | 21.3 | $ | 4.0 | |||||||||||||||||||||||||||||
Net Property, Plant and Equipment | — | — | 482.3 | 216.5 | 421.6 | 142.6 | |||||||||||||||||||||||||||||||||||
Other Noncurrent Assets | 9.0 | 0.3 | 2.7 | 13.6 | 0.1 | 0.3 | |||||||||||||||||||||||||||||||||||
Total Assets | $ | 1,190.0 | $ | 194.8 | $ | 508.5 | $ | 238.4 | $ | 443.0 | $ | 146.9 | |||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||
Current Liabilities | $ | 1,087.8 | $ | 46.4 | $ | 22.8 | $ | 4.5 | $ | 9.6 | $ | 1.0 | |||||||||||||||||||||||||||||
Noncurrent Liabilities | 0.9 | 79.1 | 218.6 | 5.4 | 7.3 | 0.7 | |||||||||||||||||||||||||||||||||||
Equity | 101.3 | 69.3 | 267.1 | 228.5 | 426.1 | 145.2 | |||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 1,190.0 | $ | 194.8 | $ | 508.5 | $ | 238.4 | $ | 443.0 | $ | 146.9 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 962.0 | $ | 574.1 | $ | — | $ | — | $ | — | $ | — | $ | 1,536.1 | ||||||||||||||||||||||||||||||
Commercial Revenues | 642.7 | 358.3 | — | — | — | — | 1,001.0 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues | 698.9 | 152.1 | — | — | — | (0.1) | 850.9 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 58.9 | 12.3 | — | — | — | — | 71.2 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 2,362.5 | 1,096.8 | — | — | — | (0.1) | 3,459.2 | |||||||||||||||||||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues | 141.4 | — | — | 19.6 | — | 0.1 | 161.1 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (a) | 113.5 | 184.1 | 455.8 | — | — | (402.8) | 350.6 | |||||||||||||||||||||||||||||||||||||
Renewable Generation Revenues (b) | — | — | — | 33.1 | — | (3.1) | 30.0 | |||||||||||||||||||||||||||||||||||||
Retail, Trading and Marketing Revenues (b) | — | — | — | 407.7 | 1.2 | (10.1) | 398.8 | |||||||||||||||||||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 254.9 | 184.1 | 455.8 | 460.4 | 1.2 | (415.9) | 940.5 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 61.9 | 56.1 | 4.3 | 6.2 | 28.6 | (39.9) | 117.2 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 2,679.3 | 1,337.0 | 460.1 | 466.6 | 29.8 | (455.9) | 4,516.9 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (b) (d) | (4.9) | (2.9) | (1.5) | — | — | (6.3) | (15.6) | |||||||||||||||||||||||||||||||||||||
Other Revenues (b) (e) | 0.1 | 6.1 | — | (135.2) | 2.2 | (2.0) | (128.8) | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (4.8) | 3.2 | (1.5) | (135.2) | 2.2 | (8.3) | (144.4) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,674.5 | $ | 1,340.2 | $ | 458.6 | $ | 331.4 | $ | 32.0 | $ | (464.2) | $ | 4,372.5 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 979.3 | $ | 561.6 | $ | — | $ | — | $ | — | $ | — | $ | 1,540.9 | ||||||||||||||||||||||||||||||
Commercial Revenues | 624.8 | 331.7 | — | — | — | — | 956.5 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues | 641.8 | 162.5 | — | — | — | — | 804.3 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 52.9 | 12.8 | — | — | — | — | 65.7 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 2,298.8 | 1,068.6 | — | — | — | — | 3,367.4 | |||||||||||||||||||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues | 188.3 | — | — | 83.0 | — | 0.1 | 271.4 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (a) | 108.8 | 164.9 | 421.6 | — | — | (332.0) | 363.3 | |||||||||||||||||||||||||||||||||||||
Renewable Generation Revenues (b) | — | — | — | 38.2 | — | (2.9) | 35.3 | |||||||||||||||||||||||||||||||||||||
Retail, Trading and Marketing Revenues (b) | — | — | — | 408.3 | 1.3 | (2.3) | 407.3 | |||||||||||||||||||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 297.1 | 164.9 | 421.6 | 529.5 | 1.3 | (337.1) | 1,077.3 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 49.2 | 65.9 | 0.2 | 1.6 | 20.9 | (21.1) | 116.7 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 2,645.1 | 1,299.4 | 421.8 | 531.1 | 22.2 | (358.2) | 4,561.4 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (b) (d) | 3.3 | (4.6) | (43.0) | — | — | (13.1) | (57.4) | |||||||||||||||||||||||||||||||||||||
Other Revenues (b) (e) | 0.1 | 6.8 | — | 128.5 | 2.3 | (2.0) | 135.7 | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | 3.4 | 2.2 | (43.0) | 128.5 | 2.3 | (15.1) | 78.3 | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 2,648.5 | $ | 1,301.6 | $ | 378.8 | $ | 659.6 | $ | 24.5 | $ | (373.3) | $ | 4,639.7 |
Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 144.9 | $ | — | $ | 324.8 | $ | 185.2 | $ | 429.3 | $ | 186.5 | $ | 185.1 | ||||||||||||||||||||||||||||||
Commercial Revenues | 100.6 | — | 163.6 | 141.4 | 257.8 | 131.7 | 153.8 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues | 35.2 | — | 192.5 | 155.9 | 116.8 | 107.8 | 110.6 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 8.7 | — | 25.2 | 1.2 | 3.6 | 28.3 | 2.6 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 289.4 | — | 706.1 | 483.7 | 807.5 | 454.3 | 452.1 | |||||||||||||||||||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues (a) | — | — | 64.2 | 63.5 | — | 4.3 | 43.9 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (b) | 163.1 | 444.7 | 43.9 | 9.6 | 21.0 | 9.9 | 38.3 | |||||||||||||||||||||||||||||||||||||
Total Wholesale Revenues | 163.1 | 444.7 | 108.1 | 73.1 | 21.0 | 14.2 | 82.2 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 10.7 | 4.1 | 11.8 | 45.0 | 45.5 | 7.2 | 7.0 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 463.2 | 448.8 | 826.0 | 601.8 | 874.0 | 475.7 | 541.3 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (d) (e) | (2.0) | (3.9) | 0.5 | (2.6) | (0.9) | (1.0) | (3.5) | |||||||||||||||||||||||||||||||||||||
Other Revenues (e) | — | — | — | — | 6.0 | — | — | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (2.0) | (3.9) | 0.5 | (2.6) | 5.1 | (1.0) | (3.5) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 461.2 | $ | 444.9 | $ | 826.5 | $ | 599.2 | $ | 879.1 | $ | 474.7 | $ | 537.8 |
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 174.9 | $ | — | $ | 313.2 | $ | 195.2 | $ | 386.7 | $ | 185.2 | $ | 188.6 | ||||||||||||||||||||||||||||||
Commercial Revenues | 110.6 | — | 152.6 | 138.6 | 221.1 | 121.2 | 146.0 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues | 36.6 | — | 161.9 | 160.0 | 126.0 | 92.5 | 97.1 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 9.5 | — | 20.2 | 1.2 | 3.4 | 25.8 | 4.4 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 331.6 | — | 647.9 | 495.0 | 737.2 | 424.7 | 436.1 | |||||||||||||||||||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues (a) | — | — | 63.5 | 94.2 | — | 0.3 | 57.4 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (b) | 143.8 | 406.1 | 40.8 | 8.7 | 21.1 | 9.1 | 39.3 | |||||||||||||||||||||||||||||||||||||
Total Wholesale Revenues | 143.8 | 406.1 | 104.3 | 102.9 | 21.1 | 9.4 | 96.7 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 5.6 | 0.2 | 20.6 | 25.8 | 60.2 | 9.6 | 6.0 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 481.0 | 406.3 | 772.8 | 623.7 | 818.5 | 443.7 | 538.8 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (d) (e) | (2.2) | (41.9) | 0.8 | 7.3 | (2.4) | (0.8) | (2.2) | |||||||||||||||||||||||||||||||||||||
Other Revenues (e) | — | — | — | — | 6.8 | — | — | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (2.2) | (41.9) | 0.8 | 7.3 | 4.4 | (0.8) | (2.2) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 478.8 | $ | 364.4 | $ | 773.6 | $ | 631.0 | $ | 822.9 | $ | 442.9 | $ | 536.6 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 2,132.4 | $ | 1,230.9 | $ | — | $ | — | $ | — | $ | — | $ | 3,363.3 | ||||||||||||||||||||||||||||||
Commercial Revenues | 1,276.1 | 734.2 | — | — | — | — | 2,010.3 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues (a) | 1,369.2 | 365.0 | — | — | — | (0.3) | 1,733.9 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 115.7 | 24.4 | — | — | — | — | 140.1 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 4,893.4 | 2,354.5 | — | — | — | (0.3) | 7,247.6 | |||||||||||||||||||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues | 324.2 | — | — | 52.0 | — | 0.1 | 376.3 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (b) | 228.2 | 348.3 | 905.9 | — | — | (804.6) | 677.8 | |||||||||||||||||||||||||||||||||||||
Renewable Generation Revenues (a) | — | — | — | 54.4 | — | (3.2) | 51.2 | |||||||||||||||||||||||||||||||||||||
Retail, Trading and Marketing Revenues (c) | — | — | — | 821.4 | 0.9 | (10.0) | 812.3 | |||||||||||||||||||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 552.4 | 348.3 | 905.9 | 927.8 | 0.9 | (817.7) | 1,917.6 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 94.5 | 98.9 | 7.9 | 6.8 | 58.0 | (83.6) | 182.5 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 5,540.3 | 2,801.7 | 913.8 | 934.6 | 58.9 | (901.6) | 9,347.7 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (a) (e) | (8.0) | (14.5) | 0.3 | — | — | (3.4) | (25.6) | |||||||||||||||||||||||||||||||||||||
Other Revenues (a) (f) | — | 17.2 | — | (276.2) | 3.2 | (2.9) | (258.7) | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (8.0) | 2.7 | 0.3 | (276.2) | 3.2 | (6.3) | (284.3) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 5,532.3 | $ | 2,804.4 | $ | 914.1 | $ | 658.4 | $ | 62.1 | $ | (907.9) | $ | 9,063.4 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Vertically Integrated Utilities | Transmission and Distribution Utilities | AEP Transmission Holdco | Generation & Marketing | Corporate and Other | Reconciling Adjustments | AEP Consolidated | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 2,130.1 | $ | 1,162.2 | $ | — | $ | — | $ | — | $ | — | $ | 3,292.3 | ||||||||||||||||||||||||||||||
Commercial Revenues | 1,197.7 | 621.4 | — | — | — | — | 1,819.1 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues | 1,204.8 | 295.8 | — | — | — | (0.4) | 1,500.2 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 100.3 | 24.4 | — | — | — | — | 124.7 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 4,632.9 | 2,103.8 | — | — | — | (0.4) | 6,736.3 | |||||||||||||||||||||||||||||||||||||
Wholesale and Competitive Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues | 375.5 | — | — | 123.3 | — | 0.1 | 498.9 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (a) | 214.1 | 319.8 | 836.1 | — | — | (693.8) | 676.2 | |||||||||||||||||||||||||||||||||||||
Renewable Generation Revenues (b) | — | — | — | 60.6 | — | (3.7) | 56.9 | |||||||||||||||||||||||||||||||||||||
Retail, Trading and Marketing Revenues (c) | — | — | — | 797.1 | 4.5 | (11.3) | 790.3 | |||||||||||||||||||||||||||||||||||||
Total Wholesale and Competitive Retail Revenues | 589.6 | 319.8 | 836.1 | 981.0 | 4.5 | (708.7) | 2,022.3 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 110.8 | 119.7 | — | 10.2 | 34.8 | (39.7) | 235.8 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 5,333.3 | 2,543.3 | 836.1 | 991.2 | 39.3 | (748.8) | 8,994.4 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs (b) (e) | 2.5 | (8.0) | (45.9) | — | — | (11.8) | (63.2) | |||||||||||||||||||||||||||||||||||||
Other Revenues (b) (f) | 0.1 | 13.1 | — | 287.7 | 5.1 | (4.9) | 301.1 | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | 2.6 | 5.1 | (45.9) | 287.7 | 5.1 | (16.7) | 237.9 | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 5,335.9 | $ | 2,548.4 | $ | 790.2 | $ | 1,278.9 | $ | 44.4 | $ | (765.5) | $ | 9,232.3 |
Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 275.6 | $ | — | $ | 795.3 | $ | 424.8 | $ | 955.3 | $ | 357.4 | $ | 361.0 | ||||||||||||||||||||||||||||||
Commercial Revenues | 197.9 | — | 334.9 | 280.3 | 536.3 | 240.8 | 297.3 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues (a) | 74.5 | — | 378.3 | 308.5 | 290.4 | 206.1 | 214.8 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 17.0 | — | 51.4 | 2.5 | 7.4 | 52.5 | 5.2 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 565.0 | — | 1,559.9 | 1,016.1 | 1,789.4 | 856.8 | 878.3 | |||||||||||||||||||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues (b) | — | — | 144.4 | 167.5 | — | 5.2 | 83.5 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (c) | 309.4 | 883.4 | 85.3 | 17.7 | 38.9 | 21.2 | 81.2 | |||||||||||||||||||||||||||||||||||||
Total Wholesale Revenues | 309.4 | 883.4 | 229.7 | 185.2 | 38.9 | 26.4 | 164.7 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (d) | 20.4 | 7.8 | 24.8 | 66.4 | 78.7 | 9.5 | 14.9 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 894.8 | 891.2 | 1,814.4 | 1,267.7 | 1,907.0 | 892.7 | 1,057.9 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Program (a) (e) | (4.1) | (4.7) | (0.2) | (5.5) | (10.4) | (1.0) | (4.2) | |||||||||||||||||||||||||||||||||||||
Other Revenues (a) | — | — | — | — | 17.1 | — | — | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (4.1) | (4.7) | (0.2) | (5.5) | 6.7 | (1.0) | (4.2) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 890.7 | $ | 886.5 | $ | 1,814.2 | $ | 1,262.2 | $ | 1,913.7 | $ | 891.7 | $ | 1,053.7 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Retail Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Residential Revenues | $ | 316.8 | $ | — | $ | 771.2 | $ | 427.0 | $ | 845.4 | $ | 351.1 | $ | 364.5 | ||||||||||||||||||||||||||||||
Commercial Revenues | 205.5 | — | 306.5 | 265.2 | 415.8 | 218.7 | 276.5 | |||||||||||||||||||||||||||||||||||||
Industrial Revenues | 67.2 | — | 315.7 | 296.5 | 228.7 | 171.1 | 181.8 | |||||||||||||||||||||||||||||||||||||
Other Retail Revenues | 17.7 | — | 40.8 | 2.5 | 6.7 | 47.0 | 6.8 | |||||||||||||||||||||||||||||||||||||
Total Retail Revenues | 607.2 | — | 1,434.2 | 991.2 | 1,496.6 | 787.9 | 829.6 | |||||||||||||||||||||||||||||||||||||
Wholesale Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Generation Revenues (a) | — | — | 119.7 | 184.6 | — | 9.8 | 118.6 | |||||||||||||||||||||||||||||||||||||
Transmission Revenues (b) | 276.9 | 806.4 | 81.9 | 17.5 | 42.9 | 18.7 | 74.5 | |||||||||||||||||||||||||||||||||||||
Total Wholesale Revenues | 276.9 | 806.4 | 201.6 | 202.1 | 42.9 | 28.5 | 193.1 | |||||||||||||||||||||||||||||||||||||
Other Revenues from Contracts with Customers (c) | 14.9 | (0.1) | 44.9 | 55.7 | 104.8 | 15.0 | 11.3 | |||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | 899.0 | 806.3 | 1,680.7 | 1,249.0 | 1,644.3 | 831.4 | 1,034.0 | |||||||||||||||||||||||||||||||||||||
Other Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Program (d) (e) | (3.5) | (41.5) | 0.1 | 7.3 | (4.5) | (0.9) | (2.6) | |||||||||||||||||||||||||||||||||||||
Other Revenues (e) | — | — | 0.1 | (0.1) | 13.1 | — | — | |||||||||||||||||||||||||||||||||||||
Total Other Revenues | (3.5) | (41.5) | 0.2 | 7.2 | 8.6 | (0.9) | (2.6) | |||||||||||||||||||||||||||||||||||||
Total Revenues | $ | 895.5 | $ | 764.8 | $ | 1,680.9 | $ | 1,256.2 | $ | 1,652.9 | $ | 830.5 | $ | 1,031.4 |
Company | 2023 | 2024-2025 | 2026-2027 | After 2027 | Total | |||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
AEP | $ | 43.6 | $ | 161.4 | $ | 137.1 | $ | 60.9 | $ | 403.0 | ||||||||||||||||||||||
APCo | 8.1 | 32.2 | 25.4 | 11.6 | 77.3 | |||||||||||||||||||||||||||
I&M | 2.2 | 8.8 | 8.8 | 4.5 | 24.3 | |||||||||||||||||||||||||||
Company | June 30, 2023 | December 31, 2022 | ||||||||||||
(in millions) | ||||||||||||||
AEP Texas | $ | — | $ | 0.1 | ||||||||||
AEPTCo | 123.1 | 113.8 | ||||||||||||
APCo | 68.1 | 64.5 | ||||||||||||
I&M | 47.3 | 75.3 | ||||||||||||
OPCo | 68.6 | 49.9 | ||||||||||||
PSO | 30.6 | 18.8 | ||||||||||||
SWEPCo | 42.4 | 19.1 |
Exhibit | Description | Previously Filed as Exhibit to: | ||||||||||||
AEP‡ File No. 1-3525 | ||||||||||||||
4(c) | Supplemental Indenture No. 5 between AEP and The Bank of New York Mellon Trust Company, N.A. as Trustee dated June 2, 2023 establishing terms of the Remarketed Junior Subordinated Debentures due 2025. | |||||||||||||
AEP TEXAS‡ File No. 333-221643 | ||||||||||||||
4(b) | Company Order and Officer’s Certificate between AEP Texas Inc. and The Bank of New York Mellon Trust Company, N.A. as Trustee dated May 24, 2023 establishing terms of the 5.40% Senior Notes, Series M, due 2033. | |||||||||||||
OPCo‡ File No. 1-6543 | ||||||||||||||
4(a) | Company Order and Officer’s Certificate between Ohio Power Company and The Bank of New York Mellon Trust Company, N.A. as Trustee dated May 10, 2023 establishing terms of the 5.00% Senior Notes, Series S, due 2033. | |||||||||||||
Exhibit | Description | AEP | Texas | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31(a) | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31(b) | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32(a) | Certification of Chief Executive Officer Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32(b) | Certification of Chief Financial Officer Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
95 | Mine Safety Disclosures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | X | X | X | X | X | X | X | X |
Description | AEP | AEP Texas | AEPTCo | APCo | I&M | OPCo | PSO | SWEPCo | ||||||||||||||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File | Formatted as Inline XBRL and contained in Exhibit 101. |